UOL’s S$79 million bid for KH KEA building accepted

UOL building and Orchard Gateway at Orchard RoadUOL building and Orchard Gateway at Orchard Road

K.H. KEA Properties has accepted UOL Group’s S$79.3 million bid for the property at 333 North Bridge Road in Singapore, including the nine-storey commercial building called KH KEA Building, UOL said in a filing to SGX Friday.

The property is adjacent to UOL’s Odeon Towers property and has dual frontages on North Bridge Road and Cashin Street, UOL said.

“The company intends to explore the possible amalgamation of the property and Odeon Towers and potential asset enhancement works,” UOL said.

The site has a land area of around 435.2 square meters, a 999-year leasehold and commercial zoning, the filing said.

UOL said the acquisition will be financed with internal resources and external borrowings.

The deal isn’t expected to have a material impact on earnings per share for the current financial year, the filing said.

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