UOL, UIC buy Raintree Gardens en-bloc for S$334.2m

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.

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."

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.