Raintree Gardens sold for $334.2m
PROPERTY developer UOL Group said associate company UVD (Projects) has bought the Raintree Gardens residential development at Potong Pasir Avenue 1 for $334.2 million after an en-bloc tender.
The site had been launched for collective sale in September.
Raintree Gardens, a
former HUDC estate,
was built in the late 1980s.
The purchase will be funded by bank borrowings and internal resources,
"The acquisition is in the ordinary course of the group's business, and would enable the group to replenish
its landbank for residential development in Singapore."
UVD (Projects) is a joint venture by UOL subsidiary UOL Venture Investments
and Singland Homes, a subsidiary of developer UIC.
THE BUSINESS TIMES