Europe’s Heron International, the property firm, has sold its prime development site in the Bishopsgate area in the City of London financial district to UOL Group, the real estate business in which Singapore’s United Overseas Bank has a controlling stake.

Europe’s Heron International, the property firm, has sold its prime development site in the Bishopsgate area in the City of London financial district to UOL Group, the real estate business in which Singapore’s United Overseas Bank has a controlling stake.

The development involved in the deal is called Heron Plaza; it was sold for £97 million, a statement from the parties said.

The transaction is an example of how Singapore-based firms, and others in the Asia region, continue to flex their muscles in the Western property market. In Singapore, the local authorities have sought to curb development to prevent a dangerous property bubble emerging, possibly encouraging flows elsewhere.

“Heron Plaza will be UOL’s first major development in London,” UOL, which owns and manages more than 30 hotels around the world, said.

The site has planning consent for a 43-storey tower, designed by PLP Architecture, comprising approximately 562,000 sq ft gross floor area (340,000 sq ft net area) of 5-star luxury hotel, residential apartments and retail component. UOL will operate the hotel under its flagship “Pan Pacific” hotel brand, it said.

Heron International was advised by CBRE, Savills and Taylor Wessing. UOL Group was advised by Berwin Leighton Paisner, the report said.

UOL Group Limited is listed on the Singapore Exchange.