UOL wins full control of Marina Mandarin hotel, as UIC unit buys out OUE and others

THE Marina Mandarin Singapore and parts of the Marina Square complex are changing hands for S$675.3 million, under a deal last Friday involving firms linked to tycoon Wee Cho Yaw.

UIC is coughing up that sum in cash to raise its subsidiary’s interest in Marina Centre Holdings - which has interests in the Marina Square retail and commercial complex, including a half-stake in the Jardine-linked Mandarin Oriental - and Aquamarina Hotel, the Marina Mandarin’s holding company. The shareholding consolidation will see OUE completely divest its minority interests in the Marina Square firms for S$390 million in all - a price tag that OUE said in a bourse filing was reached after negotiations on an arm’s length and willing seller, willing buyer basis.

He added, in a reference to the recent government drive to freshen up the downtown area, that UOL and UIC “will jointly explore asset enhancement opportunities to unlock value for the various assets, including possibility of tapping into the incentive scheme introduced in the latest Master Plan 2019”.

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