UOL buys prime London site for S$202m

Property group UOL will embark on its first major development project in London following the purchase of a prime development site in Bishopsgate for £97 million (S$201.9 million).

The Singapore-listed developer bought Heron Plaza, seller Heron International said in a statement on Thursday (Aug 14). UOL has consent to build a five-star hotel, residential and retail development that is up to 43 stories high and comprising about 562,000sqft of gross floor area (or 340,000sqft net floor area) on the site, the statement said.

UOL will operate the hotel under its flagship Pan Pacific hotel brand.

UOL, whose chairman is prominent banker Wee Cho Yaw, is a diversified property group with interests in residential development, offices, malls, spas and restaurants. The group also owns or manages hotels in the Pan Pacific and PARKROYAL chains.

Source : Channel NewsAsia – 14 Aug 2014

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