UOL and UIC complete acquisition of Raintree Gardens

By Michael Lim / The Edge Property | May 17, 2017 10:00 AM SGT
The en-bloc sale of the 175-unit Raintree Gardens in Potong Pasir to UVD (Projects), a joint venture between UOL Group and sister company United Industrial Corp, for $334.2 million has been completed, according to a filing made by UIC with the Singapore Exchange.
Completed in the late 1980s, Raintree Gardens was put up for sale last August and sold to UVD in October. The sale price of $334.2 million reflects a land cost of $797 psf per plot ratio on the potential gross floor area, inclusive of a differential premium payable to the state to top up the lease and for a redevelopment of the site to a gross plot ratio of 2.8. Each apartment owner at Raintree Gardens will receive an average of $1.9 million.