Uol Sell Kinex Mall 375 Million
UOL Group has announced its plans to sell the KINEX mall for a whopping $375 million, marking a significant divestment move for the property and hospitality company. The mall will be acquired by two entities, Kinex Times Square and Xiaohong Property Management.
According to UOL, this move presents an opportunity for the company to unlock the value of its investment in KINEX and is part of its overall strategy to restructure its property portfolio. The property is currently listed on UOL’s books at $370,005,000 and has been valued at $370 million by Edmund Tie & Company (SEA).
As per UOL’s 1H FY2025 results, KINEX generated a net profit of approximately $3.1 million. The company is expecting to book a gain of around $2.4 million from the divestment. This follows UOL’s previous successful divestment of Parkroyal Kitchener Hotel in July 2023 for a staggering $525 million, resulting in a gain of $446.2 million.
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Situated at 11 Tanjong Katong Road, the freehold property covers a total net lettable area of 204,223 sq ft, which is occupied by a three-storey retail podium and a basement. It also includes residential units above the mall.
The transaction is expected to be completed on Oct 31. With the net proceeds from the divestment, UOL will have greater financial flexibility to pay off existing debts and fund any capital expenditure, asset enhancement works, investments, and general corporate and working capital requirements.
On Sept 10, UOL shares closed at $7.40, down 1.99% for the day but up 43.41% year to date.