URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60%-20%-20% collaboration in between UOL Grp, S’pore Land Group together with Kheng Leong Co.
During a Singapore Exchange submission, UOL said the acquisition makes it possible for the group “to renew its own land depository for household development in S’pore”.
It mentioned that the purchase “will be bankrolled primarily coming from banking institution loans and even in proportion shareowners’ loans, and is not projected to have a component effect on the net concrete assets per share and proceeds per allotment of UOL for the fiscal year finishing 31Dec2021 “.
Jesline Goh, Head Investment and Asset Representative at UOL, has actually revealed plannings to develop a 24 to 25 floor project at the location, with more than Three hundred Seventy units “which are going to delight in open sights of the Bishan-AMK Park, Lower Peirce Reservoir Recreation Area, and also Shangri-la Park landed housing area “.
“We enjoy this spot as it exists in the OCR which shares the same features like our other favored projects introduced in the recent years. As this is the current GLS area in Ang Mo Kio in the latest seven years, our team believe there will definitely be a great requirement for the project,” she said.
Kicked off for tender on 26November2020, the site possesses a surface area of 12,679.4 sq metre together with a maximum acceptable GFA of 31thousand 6hundred 99 square meter. The quote for the Ninety nine years lease area wrapped up on 25May2021, with 15 bids received.
The main proposal was Sixpercent above the second-highest quote of $Three hundred Fifty Eight million from Titus Residential SG, a collaboration among City Developments along with MCL Land.