Singapore Land Group Clinches S\$524.3 Million Dorset Road Site in Major Joint Venture with UOL Group and Kheng Leong Company

Key Points for Investors and Shareholders

• Singapore Land Group Limited (SingLand), through its indirect joint venture, has secured the coveted Dorset Road residential site for a tender price of S\$524,300,800.
• The winning joint venture, United Venture Development (2022) Pte. Ltd. (UVD (2022)), is structured as a 20:60:20 partnership between SingLand, UOL Group, and Kheng Leong Company (KLC), respectively.
• Site Details:
  • Tenure: 99-year leasehold
  • Land Area: 10,399 square metres
  • Gross Plot Ratio: 3.5
  • Allowable Development: Residential
• The acquisition is aimed at replenishing SingLand’s land bank for residential development, a strategic move to drive future growth.
• The deal is considered an “interested person transaction (IPT)” due to UOL’s significant shareholding in SingLand and the involvement of key directors across the joint venture partners.
• Financing will be sourced primarily from bank borrowings and proportionate shareholders’ loans.
• The transaction is classified as “non-discloseable” under Chapter 10 of the SGX-ST Listing Manual, with no expected material impact on SingLand’s net tangible assets per share or earnings per share for the year ending 31 December 2025.

What Shareholders Need to Know — Potential Share Price Catalysts

• Strategic Land Bank Replenishment: This acquisition underscores SingLand’s commitment to maintaining a robust pipeline of residential projects in land-scarce Singapore, potentially unlocking future revenue streams.
• Powerful Joint Venture Synergy: The alliance with UOL and KLC allows SingLand to share risks, diversify its portfolio, and leverage the vast expertise and networks of its partners—positioning it to compete for even larger, high-value projects going forward.
• Governance and Related Party Safeguards: The deal involves “interested persons,” including UOL (which owns 50.36% of SingLand) and KLC (linked to SingLand’s Chairman, Mr Wee Ee Lim). The Audit & Risk Committee has reviewed and concluded the transaction is at arm’s length, on normal commercial terms, and not prejudicial to minority shareholders.
• Financial Impact: While the acquisition is not expected to materially impact near-term financials, the scale and location of the site could be a catalyst for share price re-rating if project launches and sales outperform expectations.
• Market Perception: Investors may view the willingness to undertake a S\$524M acquisition in the current market as a sign of management’s confidence in the Singapore residential market and in the company’s balance sheet strength.

Full Transaction Details

The Dorset Road site acquisition was secured at a tender price of S\$524,300,800. UVD (2022) Pte. Ltd.—the joint venture vehicle—has an issued and paid-up capital of S\$50, split into 30 shares for UOL Venture Investments Pte. Ltd. (UVI), 10 shares for Singland Residential Development Pte. Ltd. (SRD, a SingLand subsidiary), and 10 shares for KLC. The tender deposit, approximately 5% of the total price, has already been paid, with a further sum (totaling 25% of the price, including the deposit) due within 28 days, and the balance within 90 days of award.

The residential site, with a leasehold of 99 years and a sizeable 10,399 sqm land area, offers a gross plot ratio of 3.5, positioning it as a substantial addition to SingLand’s development pipeline. The site is to be developed strictly for residential use.

Notably, the transaction structure means that key directors and controlling shareholders—including Mr Wee Ee Lim (Chairman of SingLand, UOL, and director/shareholder of KLC) and Mr Liam Wee Sin (director of SingLand and UOL, Group CEO of UOL)—have indirect interests in the deal. SingLand’s Audit & Risk Committee, however, has given assurance that the deal is on fair terms and proportionate to each partner’s equity stake.

While the acquisition is deemed “non-discloseable” under SGX rules (indicating that it does not immediately trigger disclosure thresholds for material impact), the size and profile of the site and the partnership structure could become share price catalysts, especially if future project launches are successful.

Conclusion

This bold move by SingLand, in concert with UOL and KLC, signals confidence in the local property market and in the company’s prospects. Investors should watch for further details on project timelines, launch plans, and potential sales performance, as these could drive re-rating of SingLand’s shares.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult their financial advisors before making any investment decisions.

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