URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60:20:20 joint venture concerning UOL Group, Singapore Land Group as well as Kheng Leong Company.
In a Singapore Exchange filing, UOL claimed the acquisition aids the team “to replenish its land depository for residence development in S’pore”.
It shared that the possession “is going to be bankrolled mainly out of bank loans and even in proportion stockholders’ lendings, and is not hoped for to possess a component effect on the net tangible assets / share as well as proceeds / share of UOL for the fiscal year finishing 31Dec2K21 “.
Jesline Goh, Chief I&A Officer at UOL, has let out strategies to build a 24 or 25 floor project at the site, with more than 370 units “who will savor open panoramas of the Bishan-AMK Park, Lower Peirce Reservoir Park, and also Shangri-la Park landed house area “.
“We fancy this spot given that it is in the OCR that distributes the same features like our various other famous residences debuted in the existing years. As this is the most recent Government Land Sales spot in Ang Mo Kio in the latest seven yrs, our team believe there will definitely be a robust interest for the property,” she expressed.
Released for tender on 26November2020, the area features a size of 12,679.4 square meter and even a maximum acceptable GFA of 31thousand 6hundred 99 sq meter. The quote for the Ninety nine yrs lease area closed on 25May’21, with fifteen bids got.
The main quote was Sixpercent over the second leading bid of $3hundred 58 mil from Titus Residential Singapore, a collaboration among City Developments and also MCL Land.