UOL sells Kinex mall in Tanjong Katong for $375 million
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The sale of Kinex is the latest in a series of divestments by UOL.
PHOTO: SCREENGRAB FROM GOOGLE MAPS
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SINGAPORE - Property developer UOL has entered into an agreement to sell retail mall Kinex for $375 million. The buyers of the freehold property are Kinex Times Square and Xiaohong Property Management.
Located at 11 Tanjong Katong Road, the property consists of all the mall’s commercial strata lots, housed in a three-storey retail podium and a basement level. It has a total net lettable area of 204,223 sq ft.
In a bourse filing on Sept 10, UOL said the divestment is an opportunity to “unlock the value of its investment in Kinex”, and is part of the group’s ongoing strategy to reconstitute its property portfolio.
Net proceeds from the sale will provide UOL with greater financial flexibility for debt repayment, investments and other corporate requirements. The deal is scheduled to be completed on Oct 31.
Shares of UOL rallied after the news with the stock closing up 3.9 per cent, or 29 cents, to $7.69 on Sept 11.
The sale is the latest in a series of divestments by UOL.
Earlier in 2025, the group sold its Parkroyal hotel in Yangon.
This followed a 2024 transaction in which the company recognised a $21.6 million gain from the sale of a subsidiary that holds Stamford Court.
In July 2023, UOL sold Parkroyal on Kitchener Road to Singapore’s Worldwide Hotels Group for $525 million, booking a gain of $446.2 million. THE BUSINESS TIMES
