Tuesday, April 6, 2010

UE buys Ang Mo Kio property to site new HQ

UNITED Engineers (UE) has acquired an industrial property that it will use as its headquarters in Ang Mo Kio Street 64 for $25.18 million.

It will be centralising most of its business operations – including its headquarters currently located in UE Square in the River Valley area – at the new property by the end of the year.

The group will then rent out its prime headquarters space at UE Square, which takes up about 8,891 sq ft of lettable space on the 18th floor.

This move will enhance its operational efficiency, foster a closer working relationship and promote staff interaction, the group said in a statement yesterday.

The property, to be renamed UE BizHub Central, comprises a seven-storey building and a four-storey building that are linked by a sky-bridge.

The property has a total gross floor area of 378,426 sq ft.

The acquisition forms part of the group’s strategy to develop and own a portfolio of build-to-suit properties in the strategic nodes of Singapore.

This refers to building space tailored to the needs of individual tenants.

Leveraging on its build-to-suit capabilities, it plans to further modernise and expand UE BizHub Central to 500,000 sq ft in the next phase.

However, the plans are subject to planning approval, the group said.

‘We are looking out for other potential sites in Singapore that we could develop into build-to-suit, integrated space solutions under the brand name of ‘UE BizHub’ that will span the island state,’ said Mr David Liew, divisional managing director of the group’s property division.

Source: Straits Times, 6 Apr 2010

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