UCO Bank to buy 9 apartments for staff
$20m set aside; it’s also putting Katong bungalow up for auction
INDIA’S UCO Bank has set aside about $20 million to buy nine apartments in Singapore’s Districts 9, 10 and 15 to house its expat staff working here. The apartments will most likely be in completed developments.
The bank is also selling off one of its existing properties in Singapore - a single-storey freehold bungalow at 59 Goodman Rd in the Katong area.
The property, with an indicative price of about $6.5 million, will be auctioned by Knight Frank on Jan 25. The bank has owned the 59 Goodman Rd premises since 1951 and is selling the property instead of redeveloping it as that will take more time, a UCO bank spokesman in Singapore told BT.
The property will be sold with vacant possession.
A UCO Bank spokesman also revealed that the bank is negotiating to buy four apartments in the Meyer Rd area.
Market watchers note that the location - in District 15 - has traditionally been a favourite among Singaporean Indian investors and is fast gaining popularity among overseas Indian parties investing in the Singapore real estate market.
UCO Bank also owns a 55 per cent majority stake in Bharat Building at Raffles Place where its offices are currently housed. The spokesman says there has always been a long-term plan to redevelop the 999-year leasehold, nine-storey property but a decision to do so has yet to be made.
The 59 Goodman Rd freehold property has a 13,573 sq ft land area and can be redeveloped into at least two new bungalows, according to Knight Frank auctioneer Mary Sai, who will be conducting the auction for the property at 2.30 pm on Jan 25 at Carlton Hotel.
At a separate auction at 2pm today at 15 Ford Avenue in the Holland Rd area, Knight Frank will be auctioning crystalware, table lamps, carpets, paintings, a piano, English cups and saucers and other items for the estate of Renee Parrish.
Source : Business Times - 16 Jan 2007
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