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UEL buys Anson Road block for $410m

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Infrastructure firm United Engineers (UEL) is buying a commercial block in Anson Road for $410 million.
The company has acquired the 23-storey property from the Central Provident Fund Board and fellow owner 79 Anson.

The block, known as 79 Anson Road, is linked to Tanjong Pagar MRT station and was valued by Colliers International at $430 million.

It is 99 per cent occupied, with technical consultants Kellogg Brown & Root Asia Pacific the anchor tenant.

UEL said in a statement yesterday that the Anson Road acquisition, which will be its first commercial property within the central business district, will provide a stable rental income with potential to increase rates.

It added that there is potential for capital growth given the property's location near the port land - at Tanjong Pagar, Keppel and Pulau Brani - which has been earmarked to become a waterfront city.

This deal also helps UEL build up a more stable base of rental income to smoothen its fluctuating development profits.

UEL, which formed the wholly owned unit UE Development (Anson) to make the transaction, said the purchase is not expected to have a material impact on the earnings per share and net tangible assets per share for this financial year.

Credit from The Straits Times - 18 December 2012
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