[SINGAPORE] Property developer UOL has entered into an agreement to sell Kinex, a retail mall, for US$375 million. The buyers of the freehold property are Kinex Times Square and Xiaohong Property Management.
Located at 11 Tanjong Katong Road, the property consists of all the mall’s commercial strata lots, housed in a three-storey retail podium and a basement level. It has a total net lettable area of 204,223 square feet.
In a bourse filing on Wednesday (Sep 10), UOL said that the divestment is an opportunity to “unlock the value of its investment in Kinex”, and is part of the group’s ongoing strategy to reconstitute its property portfolio.
Net proceeds from the sale will provide UOL with greater financial flexibility for debt repayment, investments and other corporate requirements. The deal is scheduled to be completed on Oct 31.
This sale is the latest in a series of divestments by UOL. Earlier this year, the group sold its ParkRoyal hotel in Yangon. This followed a 2024 transaction in which the company recognised a S$21.6 million gain from the sale of a subisidiary that holds Stamford Court.
In July 2023, UOL sold Parkroyal on Kitchener Road to Singapore’s Worldwide Hotels Group for S$525 million, booking a gain of S$446.2 million.
