URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60:20:20 alliance between UOL Group, S’pore Land Group and also Kheng Leong Co.
During a SGX submission, UOL claimed the purchase permits the group “to restore its own land bank for residence growth in SGP”.
It posted that the acquirement “will be financed primarily coming from banking institution borrowings also proportionate investors’ loans, and never projected to have a material impact on the final concrete possessions per share and gains / share of UOL for the fiscal year finishing 31Dec’21 “.
Jesline Goh, Chief Investment and Asset Officer at UOL, has actually let out arrangements to construct a 24/25 level property at the site, with more than Three hundred Seventy units “in which will definitely appreciate open sights of the Bishan-AMK Recreation Area, Lower Peirce Reservoir Recreation Area, also Shangri-la Park landed house estate “.
“We enjoy this area given that it stands in the outside central region which shares the same features just like our various other famous projects released in the present years. As this is the current GLS site in AMK in the recent 7 yrs, our team believe there will certainly be a robust requirement for the property,” she stated.
Kicked off for tender on 26Nov2K20, the site offers an area of 12thousand 6hundred 79 sq metre including an optimum lawful GFA of Thirty one thousand Six hundred Ninety nine square meter. The bidding for the 99-year lease spot closed on 25May’21, with fifteen offers acquired.
The top offer was Six% over the second-highest bid of $Three hundred Fifty Eight million from Titus Residential SG, a joint venture concerning City Developments and also MCL Land.