SINGAPORE - One of Singapore's oldest companies, United Engineers (UE), is set to be the subject of a takeover bid as part of deals worth $1.83 billion.

A consortium led by Chinese property developer Yanlord Land Group and Singapore landlord Perennial Real Estate Holdings has bought a 33.5 per cent stake in UE, founded in 1912, at $2.60 a share.

The consortium intends to make a mandatory general offer for the rest of the engineering and property development and hospitality company at the same price.

Through the consortium, Yanlord Perennial Investment (Singapore) - Yanlord, Perennial and its two sponsors - Mr Kuok Khoon Hong and Wilmar International, and an investor - have also agreed to buy 29.9 per cent in UE unit WBL Corp at $2.07 a share.

The consortium has acquired a 10 per cent stake in WBL and is committed to acquire another 19.9 per cent stake at a later date. If the consortium manages to own more than 50 per cent of UE, an offer will be made to buy the remaining shares in WBL at $2.07.

At the offer prices, UE and the WBL stake are worth $1.83 billion.

The deal would cap a three year-long push by OCBC to offload its stake in United Engineers, whose properties include Singapore shopping centres like Rochester Mall and the UE BizHub City mixed-used development.

Credit Suisse Group was advising OCBC and insurance unit Great Eastern Holdings on a strategic review of their stakes in United Engineers.