Developers thirsty for land

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. Recent executive condo launches include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone, The Vales EC, Parc Life EC , Sol Acres EC, The Visionaire EC,  Bellewoods EC, Signature at Yishun, The Criterion EC, Waterwoods EC, Skypark Residences, Wandervale EC, The Amore EC,  Bellewaters EC.

Raintree Gardens, a former HUDC estate, was built in the late 1980s.

The purchase will be funded by bank borrowings and internal resources, UOL said.
Mr Ong Kah Seng, director of R’ST Research, said he was not surprised by the keen interest, as developers are “running low in land inventory and thirsty for land”. They are also keen on the Potong Pasir area, as new developments and retail are set to energise the area, he said. The price was slightly high but realistic, he said, calling it a “price bearing a little optimism”.

“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.

signature at yishun ec executive condo site pic 1