United Overseas Australia to develop residential and commercial site in Perth

UNITED Overseas Australia Limited (UOA) on Friday said in a filing to the bourse operator that it has entered into a memorandum of undertaking (MOU) to enter into a formal agreement with The Psaros Group of companies for the development of a residential and commercial site in East Perth.

UOA will have a 51 per cent equity in East Parade Pty Ltd, the special purpose entity which will carry out the development.

The project, which will consist of 70 high end residential units and three commercial units, is expected to have a completion cost value of approximately A$28 million (S$30.4 million).

"Formal documentation is currently being prepared; and when this is completed and executed, UOA will release further details to the market," the company said.