TO SHARE risks and expertise in the face of the increasingly challenging Singapore residential property development business, some new partnerships between developers have surfaced at recent Government Land Sales (GLS) tenders.

In their first-ever collaboration, mainboard-listed UOL Group : U14 0% (controlled by banking and property billionaire Wee Cho Yaw) teamed up with CapitaLand Development (part of Temasek Holdings) to place the S$1.21 billion winning bid at a state tender in June for an integrated commercial and residential development site in Tampines Avenue 11.

UOL and its listed subsidiary Singapore Land : U06 0% took a half stake in the joint venture (JV), with CapitaLand Development holding the other 50 per cent.