A consortium led by UOL Group, controlled by the family of the late banking and real estate tycoon Wee Cho Yaw, has offered S$805 million for a prime residential site near Holland Village in Singapore. The bid, which also includes UOL unit Singapore Land, the Wee family’s Kheng Leong, and CapitaLand Development, is one of three offers received by the government for the plot. The other bidders include companies linked to Singaporean tycoon Kwek Leng Beng and Hong Kong billionaire Li Ka Shing’s CK Asset.
The UOL-led consortium’s bid for the site, which can be developed into a residential condominium across an allowable floor area of 626,718 square feet, is equivalent to about S$1,285 per square foot of buildable space. This is 32% lower than the winning bid for a nearby site in March 2018. According to property consultant Knight Frank, developers are submitting more conservative bids due to the high cost of construction, elevated interest rates, and the government’s property cooling measures.
Leonard Tay, head of research at Knight Frank Singapore, estimates that UOL and its partners will likely market the Holland Drive project at a starting price of S$2,800 per square foot. The consortium plans to build 680 residential units on the site across two 40-story towers should they be awarded the project. UOL and CapitaLand Development will each hold a 35% stake in the project, with the rest held by Singapore Land and Kheng Leong.
The partners are confident that the site will be appealing to homebuyers due to its prime location near Holland Village and amenities such as the public market and popular schools. The site is within walking distance of the Holland Village MRT station, making it popular with both local and expatriate communities. UOL, along with United Overseas Bank, is among the assets left by billionaire Wee Cho Yaw to his family. With a net worth of $7.1 billion, the Wee family is among the wealthiest in Singapore.
The late tycoon’s three sons, Ee Cheong, Ee Chao, and Ee Lim, joined the Forbes billionaires list in April this year. Ee Cheong is the vice chairman and CEO of UOB, while Ee Lim is chairman of UOL. The consortium’s bid for the prime residential site near Holland Village represents a significant investment in the Singapore real estate market and is expected to attract discerning homebuyers looking for a prime location with access to various amenities and transportation options.
