UOL Group jointly completes purchase of Raintree Gardens
UOL Group has jointly completed the en bloc acquisition of Raintree Gardens in Potong Pasir with its publicly-listed associate firm United Industrial Corporation, reported The Business time. The collective purchase was carried out by UVD (Projects) Pte Ltd, a joint venture between the aforementioned Singapore-based companies, with each having a 50 percent stake in the entity. In its financial results published last Friday (12 May), UOL Group revealed that the leasehold property at 110-112 Potong Pasir Avenue 1 will be transformed into a development with around 750 residential units. The joint venture is considering to launch the project for sale by 2018. This article was edited by Denise Djong.