UOL and UIC awarded Clementi residential site tender by URA for S$491 million

UOL Group’s Kinex mall in GeylangUOL Group’s Kinex mall in Geylang

Singapore’s Urban Redevelopment Authority (URA) awarded the tender for a residential site at Clementi Avenue 1 to UOL Group and United Industrial Corp. for S$491.3 million, the two companies said in filings to SGX Tuesday.

The tender was jointly submitted by UOL and UIC’s respective wholly owned subsidiaries, UOL Venture Investments (UVI) and UIC Homes, the companies said.

The two companies plan to set up a joint venture company for the land acquisition and development, with UVI holding 80 percent and UIC Homes the rest.

UOL and UIC said the site acquisition would allow them to replenish their land bank for residential development in Singapore.

UOL is a controlling shareholder of UIC, making the joint venture an interested person transaction, UIC said.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88

You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.