URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60%-20%-20% joint venture among UOL Group, S’pore Land Grp and Kheng Leong Company.
During a SGX declaring, UOL said the procurement gives the team “to refresh its own land bank for housing improvement in SGP”.
It shared that the possession “will be funded mainly coming from financial institution fundings also proportional investors’ loans, and never foreseed to have a material influence on the final solid possessions per allotment as well as profits per allotment of UOL for the fiscal yr closing 31Dec2021 “.
Jesline Goh, Head Investment and Asset Representative at UOL, has recently given away arrangements to build a 24 or 25 level proposal at the area, with excess of 3hundred 70 apartments “in which are going to indulge in unobstructed views of the Bishan & AMK Park, Lower Peirce Reservoir Recreation Area, as well as Shangri-la Park landed house grounds “.
“We fancy this site since it stays in the outside central region which distributes the same attributes like our other popular projects launched in the latest years. As this is currently GLS area in Ang Mo Kio in the recent 7 years, our team believe there will definitely be a healthy interest for the project,” she stated.
Introduced for tender on 26Nov’20, the area possesses an area of 12,679.4 sq meter furthermore a peak legalized GFA of 31thousand 6hundred 99 square meter. The bidding for the 99-year lease location closed on 25May2021, with fifteen proposals received.
The top proposal was 6.3percentage over the second-highest offer of $3hundred 58 million from Titus Residential SG, an alliance in between CDL together with MCL Land.