UOL: will buy a residential property in eastern Singapore for $172m and redevelop the land for housing uses.
Its wholly owned unit Flamegold has exercised an option to purchase the St. Patrick's Garden property, located on a 137.6k sf freehold land site. UOL said the acquisition will allow it to replenish its residential development land bank, and intends to finance it with internal resources and bank borrowings.
UOL closed up 4.8% yday, vs the STI’s 1.4% decline.
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