URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60:20:20 joint venture between UOL Group, S’pore Land Group as well as Kheng Leong Company.
In a Singapore Exchange filing, UOL stated the acquirement enables the team “to restore its own land bank for non commercial progression in Singapore”.
It shared that the acquisition “is going to be funded mainly coming from bank loans furthermore proportionate shareholders’ credits, and never hoped for to possess a material impact on the net tangible properties / share and also incomes per allotment of UOL for the financial year ending 31Deember2021 “.
Jesline , Chief I&A Representative at UOL, has recently exposed strategies to put up a 24 or 25 floor property at the site, with beyond Three hundred Seventy apartments “that are going to indulge in unblocked views of the Bishan & AMK Park, Lower Peirce Reservoir Recreation Area, including Shangri-la Park landed housing estate “.
“We enjoy this area considering that it stays in the outside central region which provides the very same features just like our various other favored properties opened in the existing years. As this is the current GLS area in Ang Mo Kio in the recent seven yrs, our company believe there will certainly be a strong demand for the property,” she mentioned.
Introduced for proposal on 26Nov2020, the area possesses an area of 12thousand 6hundred 79 square meter and an optimum permitted gross floor area of 31thousand 6hundred 99 sq m. The quote for the 99-year lease site concluded on 25May’21, with fifteen quotes obtained.
The main proposal was 6.3percentage above the 2nd best tender of $358.9 mil from Titus Residential SG, a joint venture between City Developments together with MCL Land.