URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60%-20%-20% collaboration among UOL Group, Singapore Land Grp and also Kheng Leong Co.
On a SGX submission, UOL claimed the possession allows the group “to restore its land depository for residence progress in Singapore”.
It posted that the acquirement “is going to be financed mostly coming from banking institution borrowings and proportionate shareowners’ credits, and is in no way expected to get a material impact on the final solid properties / share and profits / share of UOL for the financial yr finishing 31December2K21 “.
Jesline Goh, Head I&A Officer at UOL, has actually let out strategies to put up a 24 or 25 storey proposal at the spot, with more than Three hundred Seventy apartments “in which will certainly experience unblocked panoramas of the Bishan-AMK Park, Lower Peirce Reservoir Recreation Area, furthermore Shangri-la Park landed housing estate “.
“We fancy this spot considering that it is in the OCR that distributes the very same attributes like our various other well-received properties introduced in the present yrs. As this is the most up to date Government Land Sales area in Ang Mo Kio in the recent seven years, our company believe there definitely will be a strong interest for the project,” she spoke.
Introduced for proposal on 26Nov’20, the spot possesses a surface area of 12,679.4 sq metre furthermore an optimum lawful GFA of Thirty one thousand Six hundred Ninety nine sq metre. The bidding for the 99-year leasehold site closed on 25May2021, with fifteen quotes collected.
The best offer was Six% above the next highest offer of $3hundred 58 million from Titus Residential SG, a tie-up between City Developments together with MCL Land.