URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60%-20%-20% co-own concerning UOL Grp, Singapore Land Group including Kheng Leong Co.
During a Singapore Exchange declaring, UOL stated the purchase helps the group “to renew its own land bank for non commercial growth in SGP”.
It shared that the procurement “will be financed principally from banking company fundings and proportional investors’ credits, and is not hoped for to possess a material effect on the net concrete possessions per share and revenues / share of UOL for the financial yr finishing 31Dec2021 “.
Jesline , Head Investment and Asset Representative at UOL, has exposed strategies to build a 24 or 25 level project at the location, with greater than Three hundred Seventy apartments “who will indulge in open scenery of the Bishan & Ang Mo Kio Recreation Area, Lower Peirce Reservoir Park, plus Shangri-la Park landed homes estate “.
“We fancy this spot since it remains in the OCR which distributes the very same characteristics just like our various other favored properties opened in the present yrs. As this is the current GLS location in Ang Mo Kio in the past 7 years, we suppose there will be a vibrant interest for the property,” she claimed.
Launched for quote on 26 November 2020, the site possesses an area of 12,679.4 square meter and a max authorized gross floor area of 31thousand 6hundred 99 sq meter. The proposal for the 99 years leasehold site closed on 25May2K21, with 15 bids got.
The best tender was 6.3percent over the next top offer of $358.9 million from Titus Residential SG, a joint venture concerning CDL together with MCL Land.