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UOL Group Ltd announce new joint venture to acquire proposed development of Site


Friday, 2 May 2014 05:59am EDT 

UOL Group Ltd:Says Urban Redevelopment Authority has received tender submitted by Company‚Äôs wholly-owned subsidiary, UOL Venture Investments Pte. Ltd. (UVI) and Kheng Leong Company (Private) Limited (KLC).For residential site at Prince Charles Crescent known as Land Parcel 887(Site).Says that UVI and KLC have incorporated joint venture company, namely Secure Venture Development (Alexandra) Pte. Ltd. (SVDA), for the purpose of undertaking proposed development of Site.Pursuant to terms of joint venture, UVI and KLC have agreed to subscribe for 10 ordinary shares in SVDA in proportion of 70:30 respectively.Upon subscription and issuance of the shares, SVDA will become a subsidiary of UOL. 

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