UIC plans to redevelop UIC Building at 5 Shenton Way

Mainboard-listed United Industrial Corporation (UIC) plans to redevelop the UIC Building at 5 Shenton Way.

The company has paid an estimated development charge of S$160.1 million to the Urban Redevelopment Authority for the proposed redevelopment.

This is based on a 60 per cent residential and 40 per cent commercial mix with a gross floor area of 926,589 square feet (86,083 square metres).

UIC said the proposed redevelopment will be financed by internal funds and bank borrowings.

It said it is not expected to have any material impact on its net tangible assets and earnings per share for the financial year ending 31 December 2010.

Source : Channel NewsAsia – 30 Aug 2010

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