URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60%-20%-20% joint venture involving UOL Group, Singapore Land Grp along with Kheng Leong Company.
During a Singapore Exchange filing, UOL claimed the acquirement aids the group “to replenish its own land stock for housing progress in Singapore”.
It mentioned that the procurement “is going to be financed principally coming from banking institution borrowings furthermore in proportion shareholders’ finances, and never foreseed to receive a component impact on the final solid possessions / share and also revenues / share of UOL for the fiscal yr finishing 31Dec’21 “.
Jesline Goh, Chief Investment and Asset Representative at UOL, has disclosed plannings to put up an up to 25 storey plan at the location, with beyond Three hundred Seventy apartments “which are going to enjoy unobstructed views of the Bishan & AMK Park, Lower Peirce Reservoir Park, and even Shangri-la Park landed housing grounds “.
“We like this site since it stands in the outside central region that offers the exact same features like our other well-received projects commenced in the present yrs. As this is currently Government Land Sales location in AMK in the last seven yrs, our team believe there will certainly be a healthy requirement for the property,” she claimed.
Launched for proposal on 26Nov’20, the spot possesses an expanse of 12thousand 6hundred 79 sq metre and also a peak acceptable gross floor area of 31thousand 6hundred 99 sq meter. The bidding for the 99-year rental area ended on 25May2K21, with 15 tenders earned.
The highest offer was 6.3% above the next leading bid of $358.9 mil from Titus Residential SG, a joint venture between CDL as well as MCL Land.
