URA awards Ang Mo Kio residential site for $381.4mil

United Venture Development (2021) is a 60%-20%-20% joint venture in between UOL Group, SGP Land Group together with Kheng Leong Company.

On a SGX submission, UOL claimed the purchase allows the team “to make up its land stock for household progress in SGP”.

It posted that the acquirement “will be bankrolled mostly coming from bank credits and also in proportion investors’ lendings, and is not predicted to receive a material influence on the net solid properties / share and also incomes per allotment of UOL for the financial year closing 31Deember2021 “.

Jesline , Chief I&A Officer at UOL, has recently revealed strategies to construct a 24/25 storey project at the location, with greater than 3hundred 70 apartments “that are going to delight in unobstructed views of the Bishan-AMK Recreation Area, Lower Peirce Reservoir Recreation Area, and also Shangri-la Park landed house estate “.

“We like this area given that it stays in the outside central region which offers the exact same features like our various other attractive properties launched in the existing yrs. As this is the newest GLS area in AMK in the past seven years, our team believe there will be a healthy need for the property,” she reported.

Debuted for proposal on 26Nov2K20, the site owns a surface area of Twelve thousand Six hundrerd Seventy nine square metre as well as a maximum acceptable gross floor area of 31thousand 6hundred 99 sq meter. The tender for the 99 yrs rental site closed on 25May’21, with 15 offers collected.

The Avenir floor plan

The top tender was 6.3% above the 2nd leading offer of $358.9 million from Titus Residential S’pore, an alliance among CDL also MCL Land.

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