SingLand raises Novena Square stake with UOB share deal

The transactions will lift SingLand’s indirect interest in NSD and NSI to 40%.Singapore Land Group (SingLand) has increased its interest in Novena Square after its indirect 99.68%-owned subsidiary, Singland Properties Limited, acquired United Overseas Bank’s shares in two joint venture companies linked to the property.Singland Properties entered into sale and purchase agreements with UOB to acquire all of UOB’s shares in Novena Square Development Ltd and Novena Square Investments Ltd for $299m in cash.Separately, Novena Square Investments acquired UOB’s strata lot in the retail podium of Velocity@Novena Square for $19.5m in cash, excluding GST.The transactions were completed on 15 May 2026.Before the deal, Singland Properties, UOL Group, and UOB held Novena Square Development and Novena Square Investments on a 20:60:20 basis. Following completion, Singland Properties holds 40%, and UOL holds 60% of both companies.The acquired retail podium unit is located at #01-38, 238 Thomson Road, and currently serves as the banking hall of UOB’s Novena Square branch. Novena Square Investments has entered into a lease agreement with UOB for the continued operation of the branch.Following the acquisition, Novena Square Development and Novena Square Investments will own all commercial strata lots in Novena Square.Novena Square is a mixed-use development above the Novena MRT station, comprising two office blocks of 18 and 25 floors and a three-storey retail mall.SingLand said the transactions will enhance its share of recurring income from a stabilised asset, providing near-term income support for its investment properties amid the ongoing redevelopment of other assets, including The Clifford.The transactions were funded through sources including unutilised banking facilities and internal cash resources.The remaining strata lots in Novena Square held by Novena Square Development and Novena Square Investments were valued at $1.5b as at 28 February 2026, whilst the UOB-owned strata lot was valued at $19.5m, based on a Knight Frank valuation report.