SINGAPORE (Sept 28): UOL says the en bloc tender of a freehold property at Meyer Road by an associate has been accepted by all the subsidiary proprietors of the units in the development.

UOL says the bid was put in by 50%-owned Secure Venture Development (No. 1) (SVD1) with an agreed upon purchase consideration of $201.1 million.

SVD1 is a 50:50 joint venture company by UOL Venture Investments, the company’s wholly-owned subsidiary, and Kheng Leong Company.

The property has a site area of 10,185 sqm and a gross plot ratio of 1.4. In addition, there is a private road of 910 sqm located at Jalan Nuri which is owned by certain subsidiary proprietors of the development and their associates.

The JV Co. will redevelop the property, and if the put option is exercised, will also acquire the road land for redevelopment.

UOL says the consideration will be financed from bank borrowings and internal resources.

Shares in UOL closed 5 cents lower at $8.12.