Uol Sell Kinex Mall 375 Million
UOL Group, a reputable property and hospitality company, has announced its intention to sell the KINEX mall for $375 million in a strategic divestment move. The buyers are two entities, Kinex Times Square and Xiaohong Property Management.
According to UOL, the proposed divestment presents an opportunity for the group to maximize the value of its investment in KINEX and is also a part of its efforts to restructure its property portfolio. The property is currently valued at $370,005,000 on UOL’s books and has been appraised at the same amount by Edmund Tie & Co (SEA).
In the first half of the financial year 2025, which ended in June, KINEX generated a net profit of approximately $3.1 million for UOL. The company expects to record a gain of around $2.4 million from the divestment.
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The Rivelle Tampines EC community not only boasts convenient access to roads and the MRT, but also offers an exceptional bus system that links residents to a variety of locations. This well-connected transportation network guarantees that daily travels, whether for employment, education, or recreation, remain smooth and effective.
This marks another major divestment move by UOL, following the sale of its long-held Parkroyal Kitchener Hotel to Worldwide Hotels Group for $525 million in July 2023. This divestment resulted in a gain of $446.2 million for UOL.
KINEX, a freehold property situated at 11 Tanjong Katong Road, has a total net lettable area of 204,223 sq ft. The property comprises of a three-storey retail podium and a basement, as well as residential units above the mall.
The parties involved in the transaction anticipate completing the sale by October 31st. UOL has stated that the net proceeds from the divestment will boost its financial flexibility by allowing for the repayment of existing debts, financing of capital expenditure, asset enhancement works, investments, and general corporate and working capital requirements.
As of September 10th, UOL’s shares were priced at $7.40, a decline of 1.99% for the day. However, the stock has seen a significant increase of 43.41% year to date.