SINGAPORE (July 9): UOL Group and United Industrial Corporation (UIC) have jointly put in the winning bid of $491.3 million for the residential site located at Clementi Avenue 1.
The leasehold residential site has a total site area of 178,064 sf and an estimated gross floor area of 623,230.4 sf.
The tender was jointly submitted by the UOL’s wholly-owned subsidiary UOL Venture Investments, and UIC Homes, a wholly-owned subsidiary of UIC.
A joint venture company will be incorporated to undertake the acquisition and development of the site, with UOL Venture Investments and UIC Homes owning an 80:20 stake.
UOL says that it will finance its part of the tender principally from bank borrowings and proportionate shareholders’ loans.
UIC on the other hand will finance its part of the tender from bank borrowings and internal funds.
Shares in UOL and UIC closed at $7.58 and $2.96, respectively.
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