URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60%-20%-20% alliance in between UOL Grp, Singapore Land Group as well as Kheng Leong Company.
On a Singapore Exchange filing, UOL said the acquisition helps the grp “to rejuvenate its own land depository for housing improvement in S’pore”.
It mentioned that the procurement “is going to be funded mostly from bank loans and in proportion investors’ fundings, and never anticipated to receive an element effect on the net concrete possessions per share also gains per share of UOL for the financial year concluding 31Dec2021 “.
Jesline , Head Investment and Asset Representative at UOL, has recently admitted plans to develop an up to 25 level proposal at the area, with beyond 3hundred 70 units “in which are going to take pleasure in open scenery of the Bishan & Ang Mo Kio Park, Lower Peirce Reservoir Recreation Area, furthermore Shangri-la Park landed property area “.
“We prefer this site given that it stays in the OCR which distributes the exact same features just like our various other attractive properties opened in the recent yrs. As this is the current GLS location in Ang Mo Kio in the past 7 years, our team believe there definitely will be a great need for the project,” she claimed.
Debuted for tender on 26Nov2K20, the site possesses a surface area of Twelve thousand Six hundrerd Seventy nine sq meter including a top permitted gross floor area of 31thousand 6hundred 99 sq metre. The bidding for the 99 years rental spot wrapped up on 25May2021, with 15 quotes accepted.
The top bid was 6.3% above the next top bid of $Three hundred Fifty Eight million from Titus Residential SG, an alliance amongst CDL also MCL Land.