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United Overseas Bank to Dispose of Development Site for SG$299 Million

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United Overseas Bank (SGX:U11) signed two share sale agreements with Singland Properties to dispose of its stakes in Novena Square Development and Novena Square Investments for SG$299 million, according to a Friday filing with the Singapore Exchange.

Shares of the bank were marginally down Monday morning.

The targets were joint ventures between UOL Group (SGX:U14), Singapore Land (SGX:U06), and the company, the filing said.

The property is a mixed-use development in Singapore, comprising two office blocks and a retail mall.

The disposals are part of the company's strategy to reallocate capital.

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