URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60:20:20 joint venture concerning UOL Group, SGP Land Group including Kheng Leong Co.
During a SGX submission, UOL stated the possession gives the grp “to boost its land stock for residence improvement in S’pore”.
It posted that the procurement “is going to be bankrolled mainly coming from financial institution credits and also proportionate shareholders’ advances, and never presumed to have a component impact on the final concrete properties / share and also incomes / share of UOL for the fiscal year closing 31Dec’21 “.
Jesline Goh, Chief Investment and Asset Officer at UOL, has let out plans to develop a 24 or 25 storey project at the location, with excess of Three hundred Seventy units “which are going to take pleasure in open scenery of the Bishan & Ang Mo Kio Park, Lower Peirce Reservoir Park, also Shangri-la Park landed property estate “.
“We like this spot since it stands in the OCR that distributes the exact same qualities like our many other well-received properties released in the present yrs. As this is the current Government Land Sales area in Ang Mo Kio in the latest seven yrs, our company believe there will certainly be a robust demand for the project,” she reported.
Introduced for proposal on 26Nov2020, the location has an area of Twelve thousand Six hundrerd Seventy nine sq m and even a maximum lawful GFA of Thirty one thousand Six hundred Ninety nine sq m. The bidding for the 99-year lease site closed on 25May2021, with 15 tenders got.
The highest tender was 6.3percentage over the second-highest quote of $358.9 mil from Titus Residential Singapore, a tie-up in between CDL and MCL Land.