Some 175 homeowners (and their families) will each stand to be $1.9 million richer today, in exchange for their homes.
Built in the late 1980s, Raintree Gardens, a residential development at Potong Pasir has been sold to joint venture company UVD (Projects) that is made up of UOL Group and United Industrial Corporation (UIC). This collective sale brings the total of all en bloc sales in 2016 to $1 billion.
Earlier last month, a public tender was launched at $315 million, and over 80% of owner owners agreed to the en bloc sale. Land cost is at $797psf, which adds up to a sale price of $334.2 million.
The ex-HUDC development consists of three blocks, two 12-storey mansionette blocks and one seven-storey mansionnette block. With a land area of round 201,405 sq ft, it can be redeveloped into a 600-748-unit condominium.
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This post was originally published on Redbrick Blog Section