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.
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