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A Major Real Estate Divestment
On 13 September 2025, UOL Group Limited confirmed the completion of its sale of Kinex Mall in Tanjong Katong for SGD 375 million. The buyer is understood to be Glory Property Development, a privately held investment group.
The deal was first announced in March 2025 and represents one of the largest standalone mall transactions in Singapore this year.
According to The Business Times, UOL described the divestment as part of its “ongoing capital recycling strategy to optimise portfolio returns.”
What Is Kinex Mall?
Kinex Mall, located along Tanjong Katong Road, is a seven-storey retail and lifestyle complex with over 300,000 square feet of gross floor area. Formerly known as OneKM, the mall underwent repositioning in 2018 to attract younger, lifestyle-focused tenants.
Its tenant mix includes supermarkets, F&B outlets, fitness centres, and tuition centres, catering largely to the East Coast residential catchment area.
Key Deal Details
| Feature | Details |
|---|---|
| Seller | UOL Group Limited |
| Buyer | Glory Property Development |
| Sale Price | SGD 375 million |
| Property | Kinex Mall (Tanjong Katong) |
| GFA | ~300,000 sq ft |
| Completion Date | September 2025 |
| Valuation (Book) | Approx. SGD 380 million (2024) |
Why Did UOL Sell?
The divestment aligns with UOL’s capital recycling strategy — freeing up funds from non-core or mature assets to redeploy into higher-yielding ventures.
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Balance Sheet Strengthening: The sale improves liquidity and reduces gearing.
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Portfolio Rationalisation: UOL continues to focus on integrated developments and residential projects.
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Market Timing: With suburban malls facing yield compression, selling near book value secures strong exit returns.
Wider Implications for Singapore’s Retail Market
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Demand for Suburban Malls: The deal highlights continued investor interest in suburban malls, which are considered more resilient due to their reliance on daily necessities and strong catchment areas.
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Capital Recycling Trend: Other developers such as CapitaLand and Frasers Property have also been actively divesting non-core assets to recycle capital.
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Retail Headwinds: Despite resilient suburban malls, retail continues to face structural challenges from e-commerce and changing consumption habits.
Second-Order Impacts
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For UOL shareholders: Improved cash reserves may pave the way for new acquisitions or a stronger dividend outlook.
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For tenants at Kinex: Operational stability is expected to continue, as the new owner is likely to preserve the mall’s positioning.
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For the broader market: The transaction could reset valuation benchmarks for other suburban malls in Singapore.
FAQs
1. Who bought Kinex Mall from UOL?
Glory Property Development, a privately held Singapore investment company.
2. Why did UOL sell Kinex Mall?
To recycle capital, strengthen its balance sheet, and focus on core developments.
3. How much did UOL sell Kinex Mall for?
SGD 375 million, close to its book valuation.
4. What will happen to Kinex Mall tenants?
Operations are expected to remain stable with minimal disruption, though new asset enhancement strategies may follow.
5. Is this a sign UOL will sell more malls?
Not necessarily, but analysts expect UOL to continue optimising its portfolio, potentially focusing more on integrated mixed-use projects.
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This is an AI-powered article, curated by The Financial Coconut.
References
- The Business Times, UOL completes sale of Kinex Mall to Glory Property for S$375m
- CNA, UOL divests Kinex Mall in Tanjong Katong for S$375m
- UOL Group, SGX Announcement on Kinex Mall Sale
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