UOL sells unit to CEO’s niece

UOL sells unit to CEO’s niece

Posted by luxuryasiahome on March 21, 2009

UOL Group said yesterday it sold a unit in its new project Double Bay Residences to Anna Gwee Lay Peng, niece of UOL director and chief executive Gwee Lian Kheng, for $878,820.

Except for a 3 per cent ‘early bird’ discount also available to public purchasers, Ms Gwee received no other discount, UOL said. Ms Gwee’s 1,927 sq ft second-floor apartment cost her $456 per sq ft.

UOL and partner Kheng Leong launched the 646-unit, 99-year leasehold Simei condominium Double Bay Residences early this month. On Monday, they had sold more than 210 units, out of 250 released so far. UOL said the apartments were sold at an average of $600-650 psf. The project is expected to receive its temporary occupation permit in 2013.

UOL said yesterday its audit committee reviewed and approved the sale of the unit to Ms Gwee and is satisfied the sale terms are fair and reasonable. The audit committee and the board of directors, with Mr Gwee abstaining, are also satisfied that the terms of the sale are not prejudicial to the interests of the company or its minority shareholders, UOL’s statement added.

UOL shares lost one cent to close at $1.69 yesterday.

Source : Business Times - 21 Mar 2009