UOL-UIC JV acquires Raintree Gardens with $334.2 mil winning bid in en-bloc sale

SINGAPORE (Oct 6): A JV between the subsidiaries of UOL and UIC has submitted the winning tender for the en-bloc purchase of Raintree Gardens residential development with a bid of $334.2 million has been accepted by members of the sale committee.

UVD (Projects) is a 50:50 joint venture between UOL subsidiary UOL Venture Investments and Singland Homes, a subsidiary of UIC.

Raintree Gardens is a 175-unit former HUDC residential development fronting Kallang River in Potong Pasir. The property has a site area of 18,711.2 sqm and a gross plot ratio of 2.8. UVD (Projects) has obtained in-principle approval from Singapore Land Authority to top up the lease for another 99 years. The original lease of 99 years started in 1987 and is expiring in 2086.

---

Related Stories

• UOL Group and Singapore Land Group jointly purchase Watten Estate Condominium en bloc for $550.8 mil
• Great expectations for UOL Group with healthy residential take-up & visibility
• Will higher land sales translate to higher home prices?

---