In another key divestment move by the property and hospitality company, Singapore-based UOL on Thursday announced that it has entered into an agreement to sell retail mall Kinex for $292.02 million.
The buyers of the freehold property are Kinex Times Square and Xiaohong Property Management. The property consists of all the mall’s commercial strata lots, housed in a three-storey retail podium and a basement level. It has a total net lettable area of 204,223 sq. ft.
UOL said that the divestment is an opportunity to unlock the value of its investment in Kinex, and is part of the group’s ongoing strategy to reconstitute its property portfolio. The parties aim to complete the transaction on October 31.
The property is carried on UOL’s books at $370,005,000, and was last valued by Edmund Tie & Company (SEA) for $3288.12 million.
During the first six months of this year, Kinex generated net profit of just over $2.41 million for UOL, which expects to book a gain on divestment of around $1.87 million.
According to UOL, the net proceeds of the divestment will give it greater financial flexibility to repay existing debts, and/or to finance any capital expenditure, asset enhancement works, investments and general corporate and working capital requirements.
Earlier Divestments
The sale is the latest in a series of divestments by UOL. Back in July 2023, UOL sold its long-held Parkroyal Kitchener Hotel to Worldwide Hotels Group for $408.82 million, booking a gain of $347.46 million.
Earlier in 2025, the group sold its ParkRoyal hotel in Yangon. This followed a 2024 transaction in which the company recognised a $16.82 million gain from the sale of a subsidiary that holds Stamford Court.
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