SingLand Buys Out UOB Stake in Novena Square JVs for S$299 Million
Commercial Transaction | The Business Times | 18 May 2026
Singapore Land Group (SingLand) has purchased UOB’s shares in two joint venture entities related to the Novena Square shopping mall for S$299 million in cash. A separate acquisition of UOB’s strata lot at Velocity@Novena Square for S$19.5 million was also completed on the same day.
JV Stake Price
Strata Lot Price
UOB Stake Acquired
Strata Lot Size
Transaction Details
In a bourse filing on Friday (15 May), SingLand said that one of its units bought UOB’s shares in the joint venture companies Novena Square Development and Novena Square Investments for S$299 million in cash.
Prior to the transactions, UOB had a 20 per cent stake in each JV, as did the SingLand unit. The remaining 60 per cent of each JV was owned by SingLand’s parent UOL Group.
Separately, Novena Square Investments on 15 May also acquired UOB’s strata lot at Velocity@Novena Square for S$19.5 million in cash. The property is 3,918 sq m in size and serves as UOB’s banking hall.
Strategic Rationale and Novena Square
SingLand said the transactions will enhance its share of recurring income from a stabilised asset, providing near-term income supplement to its investment properties. The company noted that this comes amid the redevelopment of the former Clifford Centre site.
Located above Novena MRT station, Novena Square comprises two office blocks of 18 and 25 floors and a three-storey retail mall.
SingLand ended Friday at S$3.60, down S$0.01 or 0.3 per cent.
Frequently Asked Questions
How much did SingLand pay for UOB’s Novena Square stake?
SingLand paid S$299 million in cash for UOB’s shares in the two joint venture companies Novena Square Development and Novena Square Investments. A separate strata lot at Velocity@Novena Square was acquired for S$19.5 million.
What stake did UOB hold in the Novena Square JVs?
UOB held a 20 per cent stake in each of the two JVs. The SingLand unit also held 20 per cent each, while the remaining 60 per cent was owned by SingLand’s parent UOL Group.
What is Novena Square?
Novena Square is a mixed-use development located above Novena MRT station. It comprises two office blocks of 18 and 25 floors and a three-storey retail mall.
Source
The Business Times, 18 May 2026
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