Perennial edges out competitors for United Engineers bid

The deal for the property group could be announced this month.

The century-old Singapore property group United Engineers may have just found its buyer.

Bloomberg Markets reported that United Engineers Ltd.’s largest shareholders picked Perennial Real Estate Holdings Ltd. for final talks to buy the group.

Perennial, led by Chief Executive Officer Pua Seck Guan, edged out other suitors including KKR & Co. and SingHaiyi Group Ltd. that also submitted final bids, the people said, asking not to be identified because the information is private. An agreement could be reached as soon as this month for United Engineers, which has a market value of$1.8b, according to Bloomberg's sources.

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