United Overseas Bank (U11) said on May, 15 2026 that it has completed the sale of its interests in Novena Square and a property at 230 Orchard Road for a combined 387 million Singapore dollars in cash.

The lender disposed of its 20% stakes in Novena Square Development and Novena Square Investments to Singland Properties for 299 million Singapore dollars. Concurrently, it sold its 3,918-square-foot banking hall in Novena Square to Novena Square Investments for 19.5 million Singapore dollars.

UOB also sold its one-twelfth ownership of the former Faber House site at 230 Orchard Road, now being redeveloped into the NoMad Hotel, together with related airspace rights, to UOL’s UOL Hotel Investments (Orchard) for 68.5 million Singapore dollars.

Following completion, UOL and Singland will own 100% of the Novena Square entities, while UOL Hotel Investments will fully own the Orchard Road property. UOB has signed lease agreements to continue operating its branches at both locations after the transactions.

UOB said the disposals form part of its capital reallocation strategy. Chief Executive Officer Wee Ee Cheong and Director Wee Ee Lim, who hold substantial interests in both UOB and UOL, abstained from board votes on the deals.