U
OL Group and its subsidiary Singapore Land have partnered with CapitaLand Development to acquire a residential condominium in Bishan for S$810 million. The property, Thomson View, was originally marketed at S$918 million but the price has been lowered due to market conditions.

    The acquisition is subject to approval from 80% of existing owners, who will be given the option to sell their units or remain as minority stakeholders. The consortium plans to redevelop the 255-unit condominium into a 1,240-unit residential complex on its 540,314-square-feet land near the Upper Thomson MRT station and popular schools.

    This deal is part of a trend where real estate companies are replenishing their landbanks in response to growing housing demand in Singapore. Despite property curbs, developers sold 1,160 units in the quarter ended September, up from 725 units in the previous quarter.

    UOL has been actively launching new projects as demand recovers, with over half of its Meyer Blue development in Katong selling out in early October. The company is part of the Wee family's assets left by late billionaire Wee Cho Yaw, who passed away this year at 95. His sons Ee Cheong and Ee Lim are now among the Forbes billionaires list, with a combined net worth of $7.8 billion.