UOL-UIC JV wins in bid for residential site in Clementi

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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