URA awards Ang Mo Kio residential site for $381.4mil

United Venture Development (2021) is a 60:20:20 joint venture among UOL Grp, S’pore Land Group as well as Kheng Leong Company.

In a Singapore Exchange filing, UOL stated the purchase gives the team “to refresh its own land depository for home growth in S’pore”.

Midtown Modern floor plan

It posted that the acquirement “will be bankrolled principally out of banking institution fundings and also in proportion shareowners’ lendings, and is in no way anticipated to have a component effect on the net tangible properties / share and earnings per share of UOL for the financial yr finishing 31Deember2021 “.

Jesline , Chief Investment and Asset Officer at UOL, has exposed outlines to build a 24 to 25 storey project at the spot, with beyond 3hundred 70 units “in which are going to appreciate unobstructed scenery of the Bishan & AMK Park, Lower Peirce Reservoir Recreation Area, and Shangri-la Park landed property area “.

“We admire this site as it stands in the OCR which distributes the very same attributes just like our many other well-received projects released in the latest yrs. As this is the newest Government Land Sales location in AMK in the previous 7 yrs, our team believe there will be a great interest for the project,” she mentioned.

Commenced for tender on 26November2020, the spot has an area of 12,679.4 sq metre furthermore a peak acceptable GFA of 31,699 sq metre. The bidding for the 99-year leasehold site concluded on 25 May ’21, with fifteen tenders earned.

The best bid was 6.3percentage above the second-highest quote of $Three hundred Fifty Eight mil from Titus Residential S’pore, a collaboration in between City Developments together with MCL Land.

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