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SINGAPORE : OCBC Bank has said it is in negotiations with construction firm United Engineers on the redevelopment of a hotel-cum-retail mall at the former Specialists' Centre and Hotel Phoenix site.
This site is a long-term investment holding of OCBC Bank, and it said the proposed arrangements will enable the bank to rely on UEL's financial resources and expertise to complete the proposed redevelopment and construction project.
The terms of the arrangements are currently being discussed and negotiated.
An announcement will be made in the event that a definitive agreement is entered into between OCBC Bank and UEL. - CNA/ms
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