WEE Cho Yaw-controlled UOL Group, with its listed associate United Industrial Corporation, has completed the en bloc purchase of Raintree Gardens in Potong Pasir.
The acquisition is done via UVD (Projects) Pte Ltd, a 50:50 joint venture between UOL group and United Industrial Corporation.
The leasehold property at 110-112 Potong Pasir Avenue 1 will be redeveloped into a project with about 750 units, UOL said in its results released on May 12.
It is looking to begin sales in 2018 for the project.
Value: $965.4 million
To avoid hefty penalties over unsold units at the Orchard Road condominium, City Developments (CDL) worked out a complex financial deal in October.
It sold its stake in the project via a profit participation securities scheme, which involved equity shares worth $102 million that were reportedly taken up by 14 high net-worth investors, including Osim founder Ron Sim and Fragrance Group boss Koh Wee Meng. Continue reading
The modest comeback of collective sales has kept up with the sale of Raintree Gardens in Potong Pasir for $334.2 million, after more than five developers bid for the site.
Many unit owners of the 175-unit privatised HUDC estate will walk away with about $1.9 million per unit, which is a premium of almost 90 per cent over the last transaction price of about $1.1 million this year. Continue reading
Raintree Gardens in Potong Pasir was put up for sale en bloc yesterday with a minimum asking price of $315 million.
The privatised Housing and Urban Development Company estate, which was built in the late 1980s, comprises 175 units across two 12-storey and one seven-storey maisonette blocks, with a land area of about 201,405 sq ft. It is zoned for residential use with a gross plot ratio of 2.8 under the Urban Redevelopment Authority’s 2014 Master Plan. Continue reading
Another privatised former HUDC estate could go on the market soon following the landmark sale of Bishan’s Shunfu Ville for $638 million in May.
Sources say owners of the 175-unit Raintree Gardens in Potong Pasir Avenue 1 have got the minimum consent level required for the site to be launched for sale. Continue reading