UOL signs joint development deed for Hougang Central integrated project with CapitaLand-led partners
Summary:
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UOL Group announced that Horizon Residential Pte. Ltd., a JV vehicle effectively held by UOL (30%), Singapore Land (10%), Kheng Leong (10%) and CapitaLand Group (50%), has entered into a joint development deed (JDD) with Horizon Commercial Trustee Pte. Ltd., trustee of Horizon Commercial Trust, a wholly owned sub‑trust of CapitaLand Integrated Commercial Trust.
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The JDD governs the integrated development of the Hougang Central site, setting out each party’s interest based on the market value of the residential and commercial components at the tender submission date, as determined by an agreed valuer, and their respective shares of development costs.
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The residential SPV will own and solely fund the residential component and bear all obligations relating exclusively to it, while the commercial SPV will own and solely fund the commercial component and bear all corresponding obligations.
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Both SPVs will jointly undertake and share the costs of the common parts of the project in accordance with the JDD or as mutually agreed, aligning interests across the integrated scheme.