UOL and UIC acquire Raintree Gardens en-bloc for $334.2m
By Tan Chee Yuen
/ JLL |
Raintree Gardens has been sold collectively to UVD (Projects) Pte Ltd, a joint venture company of UOL Group and United Industrial Corporation, for $334.2 million. The sale price represents a land cost of about $797 psf per plot ratio based on the potential gross floor area, according to marketing agent JLL.
Over 80% of the owners had consented to the en bloc sale. The site had been launched for a public tender on September 1 with a reserve price of $315 million. This is the third en bloc sale in Singapore this year, following the sale of 358-unit Shunfu Ville and 14-unit Harbour View Gardens for $638 million and $33.25 million respectively.
Completed in the late 1980s, Raintree Gardens comprises two 12-storey mansionette blocks and one seven-storey mansionette block. It has a land area of approximately 201,405 sq ft. Under the 2014 Master Plan, it is zoned for Residential use with a gross plot ratio of 2.8. It was developed by Housing and Urban Development Company, a unit of the Housing Development Board. Raintree Gardens was then privatised in 2014.
Raintree Gardens comprises two 12-storey mansionette blocks and one seven-storey mansionette block
Source: JLL
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