Summary:

• Housing & Development Board has awarded the tender for the 99-year leasehold integrated residential and commercial site at Hougang Central to a consortium comprising UOL’s joint venture Residential SPV and a CapitaLand Integrated Commercial Trust sub-trust at a tender price of S$1,500,738,338​

• The 46,899.4 square metre site, with a gross plot ratio of 2.52, will be developed into a mixed-use project integrating residences, a commercial complex, MRT station, bus interchange and town plaza, positioning it as a major suburban node​

• Residential SPV, which will build and sell the residential component, is effectively owned 30% by UOL, 10% by Singapore Land, 10% by Kheng Leong and 50% by CapitaLand Development, while the CICT sub-trust will fully own and develop the commercial component​

• The consortium has paid a 5% tender deposit and must pay 25% of the price within 28 days and the balance within 90 days of the award, with the project funded mainly via bank borrowings and shareholder loans​

• Because Kheng Leong is associated with UOL’s controlling Wee family, the deal is treated as an interested person transaction, but UOL’s audit committee deemed terms arm’s length and not prejudicial to minority shareholders​

• The acquisition is classified as a non-discloseable transaction under SGX rules and is not expected to materially impact UOL’s FY2026 earnings or net tangible asset per share, while helping replenish its Singapore residential land bank​