Logo
Buy
  • Commercial Properties
  • Retail
  • Industrial
  • Office
  • Seek Help?
  • Find an Agent
Rent
  • Commercial Properties
  • Retail
  • Industrial
  • Office
  • Seek Help?
  • Find an Agent
Office
Retail
Industrial
  • Find an Agent
  • AskGuru
Logo
To comply with GDPR we will not store any personally identifiable information from you. Therefore we will serve sub-optimal experience where some features such as Login/Signup are disabled. However, you will be able to search and see all the properties, see agent contact details and contact them offline on your own.
  • My PropertyGuru
  •  
  •  
  •  
  •  

UIC buys additional stake in Marina Centre

Apr 15, 2019
    email_go E-mail to friend    shareBookmark & Share

United Industrial Corporation (UIC), a subsidiary of UOL Group, has acquired a further 24.27 percent stake in Marina Centre Holdings for $485 million in cash, bringing its total stake to 77.34 percent.

The remaining 22.6 percent are held by its parent company UOL Group.

The additional shares were acquired from OUE Ltd (10 percent); Finnegan Investments Ltd (10.27 percent); and Mackmoor Pte Ltd (four percent).

UIC also acquired a 25 percent stake in Aquamarina Hotel Private Limited (AHPL), which is an associated company of MCH and UIC Group, from OUE unit Hotel Investment (Marina) for $190 million.

MCH is a property group that holds interests in the Marina Square retail and commercial complex, which comprises the Marina Square shopping mall as well as the Marina Square hotels – namely, Marina Mandarin Singapore, Pan Pacific Singapore and the Mandarin Oriental, Singapore.

Meanwhile, AHPL, which is 50 percent owned by MCH, owns the Marina Mandarin Singapore.

“This transaction gives us a 100 percent stake in Marina Centre Holdings Private Limited (MCH) and Aquamarina Hotel Private Limited,” said UIC president and CEO Lim Hock San.

He added that full control of the shopping mall and hotel provides them an “opportunity to capitalise on the Marina Centre precinct’s growth potential consistent with our long-term investment strategy”.

In view of the acquisition, OUE subsidiary Singapore Mandarin International Hotels has agreed to cease operating the Marina Mandarin Singapore.

“This will also give us an opportunity to rebrand and rename the 575-room hotel,” said Liam Wee Sin, group chief executive of UOL.

He noted 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”.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Related Articles:

Marina Square to get $95m revamp

UOL to raise stake in UIC via share swap

Marina Square tenants struggle with sluggish business

    email_go E-mail to friend    shareBookmark & Share

Search Property News

Keywords:
Try our Mobile Apps Android iOS
Follow Us
  • Follow on Facebook
  • Follow on Twitter
  • Follow on LinkedIn

PropertyGuru Group

  • About Us
  • Our Products
  • Careers

Contact Us

  • Newsroom
  • Share Feedback

Change Country

Singapore
  • Malaysia
  • Thailand
  • Vietnam
PropertyGuru Property Awards Summit Property Report

CommercialGuru

  • Property Market News
  • AskGuru
  • Office Space
  • View More
  • Retail Space
  • Industrial Space
  • Building Directory
  • Commercial Agent Directory
  • New Commercial Properties
  • Overseas Commercial Properties
  • Auction Properties

Commercial Properties for Sale

  • All Retail for Sale
  • Shop for Sale
  • F&B for Sale
  • View More
  • Office for Sale
  • Business for Sale
  • All Industrial for Sale
  • Warehouse for Sale
  • Dormitory for Sale
  • Land for Sale

Commercial Properties for Rent

  • All Retail for Rent
  • Shop for Rent
  • F&B for Rent
  • View More
  • Office for Rent
  • Business for Rent
  • All Industrial for Rent
  • Warehouse for Rent
  • Dormitory for Rent
  • Land for Rent

Tools

  • AgentNet Login
  • Sell/Rent Your Properties
  • Sitemap
Acceptable Use Policy Terms of Service Privacy Policy Terms of Purchase
© 2025 PropertyGuru Pte. Ltd.
200615063H
Please wait while we are preparing the print page