URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60%-20%-20% alliance amongst UOL Grp, Singapore Land Group as well as Kheng Leong Co.
On a Singapore Exchange filing, UOL said the possession allows the group “to restore its land stock for home progress in S’pore”.
It posted that the procurement “will be bankrolled primarily coming from financial institution borrowings furthermore in proportion stockholders’ financings, and never projected to receive a material impact on the final solid assets / share and also revenues / share of UOL for the fiscal year concluding 31Dec’21 “.
Jesline Goh, Chief Investment and Asset Officer at UOL, has exposed arrangements to build a 24 to 25 storey property at the location, with more than just 3hundred 70 apartments “that will appreciate open scenery of the Bishan-AMK Park, Lower Peirce Reservoir Park, and even Shangri-la Park landed housing grounds “.
“We prefer this area since it is in the outside central region which distributes the exact same attributes just like our some other attractive properties launched in the present yrs. As this is the newest GLS area in AMK in the last seven years, our company believe there definitely will be a great need for the property,” she claimed.
Released for proposal on 26November2020, the site possesses a size of 12,679.4 sq m together with a peak lawful gross floor area of 31,699 square meter. The tender for the 99-year leasehold site closed on 25May2021, with 15 proposals earned.
The leading tender was Sixpercentage over the second-highest quote of $Three hundred Fifty Eight mil from Titus Residential Singapore, a joint venture between CDL together with MCL Land.