June 2 (Reuters) - United Overseas Australia Ltd UOS.AX
* Entered into a memorandum of understanding to progress formal agreements with psaros group of companies
* United overseas Australia through unit has acquired a 51% interest in East Parade Pty Ltd, S.P.V. Developing project
* Foreign investment review board approval has now been granted for acquisition and other conditions precedent met
* United Overseas Australia Ltd says project consists of 70 high end residential units and 3 commercial units with a value at completion of about A$34 million Source text for Eikon: Further company coverage: UOS.AX