PROPERTY developer UOL Group said associate company UVD (Projects) Pte Ltd has bought the Raintree Gardens residential development at Potong Pasir Avenue 1 for S$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. Recent executive condo launches include Treasure Crest and Northwave while existing ones include The Terrace EC, Brownstone, The Vales EC, Parc Life , Sol Acres EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC, Waterwoods EC, Skypark Residences, Wandervale EC, The Amore EC, Bellewaters EC.
The purchase will be funded by bank borrowings and internal resources, UOL said. “The acquisition is in the ordinary course of the group’s business, and would enable the group to replenish its land bank for residential development in Singapore.”
“It’s a good price for the sellers. For the buyers, if they’re taking a bet on the excitement and new amenities coming up at Bidadari, which is nearby, then it wouldn’t be a wrong calculation as well,” said Mr Ku Swee Yong, chief executive of International Property Advisor.
He added that competition for land has intensified as more developers need to replenish their land bank.
UVD (Projects) is a joint venture by UOL subsidiary UOL Venture Investments and Singland Homes, a subsidiary of developer UIC.
UOL last traded at S$5.71, and UIC, S$2.75.