Yanlord Land, a real estate development company, is set to acquire United Engineers, an engineering services company, for S$1.7bn ($1.2bn). The acquisition is in line with the company's objective of consolidating its interest in UEL and WBL, in order to increase the company's access to the property portfolios of UEL and WBL in Singapore and the PRC, and to enable the company to expand its property businesses and strengthen its position in its existing markets. "We are happy to increase our stake in United Engineers as we are patient investors and believe in the long-term prospects of the businesses," Zhong Sheng Jian, Yanlord Chairman and Chief Executive Officer.