URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60%-20%-20% collaboration amongst UOL Group, SGP Land Grp along with Kheng Leong Company.
In a SGX filing, UOL said the purchase helps the grp “to refill its own land bank for housing growth in SGP”.
It posted that the purchase “is going to be funded mostly from banking company borrowings and in proportion investors’ finances, and is not expected to receive a material influence on the net tangible assets per share also earnings per share of UOL for the financial year finishing 31Dec’21 “.
Jesline Goh, Head Investment and Asset Representative at UOL, has recently given away plannings to put up a 24 to 25 floor plan at the area, with more than just 3hundred 70 units “who will savor open scenery of the Bishan-Ang Mo Kio Recreation Area, Lower Peirce Reservoir Recreation Area, also Shangri-la Park landed homes grounds “.
“We prefer this spot considering that it remains in the OCR that provides the very same attributes like our many other favored residences opened in the recent years. As this is currently GLS location in Ang Mo Kio in the last seven yrs, our company believe there will be a healthy requirement for the project,” she expressed.
Launched for proposal on 26November2020, the site carries a surface area of 12,679.4 square meter furthermore an optimum legalized gross floor area of 31thousand 6hundred 99 square m. The bidding for the 99-year rental site closed on 25May2K21, with fifteen tenders obtained.
The highest tender was Sixpercent above the second-highest offer of $Three hundred Fifty Eight million from Titus Residential S’pore, a tie-up between City Developments and also MCL Land.