URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60:20:20 collaboration in between UOL Group, S’pore Land Group and Kheng Leong Company.
During a SGX filing, UOL said the acquisition permits the team “to replenish its own land bank for residential advancement in Singapore”.
It shared that the acquirement “will be financed primarily coming from financial institution loans also in proportion stockholders’ fundings, and is in no way presumed to receive a material effect on the final tangible assets / share and also profits / share of UOL for the financial yr concluding 31 December 2021 “.
Jesline , Head Investment and Asset Representative at UOL, has recently revealed strategies to develop an up to 25 storey proposal at the location, with more than just 370 apartments “in which are going to enjoy unblocked sights of the Bishan & Ang Mo Kio Recreation Area, Lower Peirce Reservoir Park, as well as Shangri-la Park landed house estate “.
“We enjoy this site given that it stands in the OCR which distributes the same characteristics like our other favored residences commenced in the current yrs. As this is the most up to date GLS location in AMK in the past seven yrs, our company believe there will certainly be a robust need for the property,” she claimed.
Opened for tender on 26Nov’20, the spot has an area of Twelve thousand Six hundrerd Seventy nine square meter and also a maximum permissible gross floor area of 31thousand 6hundred 99 square metre. The bidding for the 99-year lease spot concluded on 25May2K21, with 15 proposals accepted.
The main proposal was Sixpercentage over the second-highest bid of $358.9 mil from Titus Residential SG, a tie-up concerning CDL and MCL Land.