URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60:20:20 collaboration among UOL Group, SGP Land Group and Kheng Leong Company.
During a SGX submission, UOL stated the possession aids the grp “to renew its land depository for residence progress in S’pore”.
It mentioned that the procurement “will be funded mostly from banking company loanings also proportionate shareholders’ fundings, and is in no way hoped for to get a substance impact on the net solid assets per share as well as revenues / share of UOL for the fiscal yr ending 31Deember2021 “.
Jesline , Chief I&A Officer at UOL, has revealed strategies to construct a 24 or 25 level project at the location, with more than Three hundred Seventy apartments “that will enjoy unobstructed views of the Bishan & AMK Recreation Area, Lower Peirce Reservoir Recreation Area, and also Shangri-la Park landed house area “.
“We prefer this site as it stays in the OCR which provides the exact same qualities like our other favored properties debuted in the present years. As this is the most up to date GLS site in Ang Mo Kio in the recent seven years, our company believe there will certainly be a robust requirement for the property,” she stated.
Launched for bidding on 26Nov’20, the area carries an area of Twelve thousand Six hundrerd Seventy nine sq metre and a top allowable gross floor area of 31,699 sq m. The bidding for the 99 years leasehold area ended on 25May2K21, with fifteen offers accepted.
The top bid was 6.3percentage over the second-highest proposal of $Three hundred Fifty Eight million from Titus Residential SG, a collaboration among City Developments also MCL Land.