URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60%-20%-20% joint venture in between UOL Group, SGP Land Group and also Kheng Leong Company.
During a Singapore Exchange declaring, UOL said the procurement enables the grp “to renew its land bank for residence growth in S’pore”.
It posted that the purchase “will be financed mostly out of banking institution loans and even proportionate stockholders’ credits, and never predicted to receive a substance effect on the net solid properties / share as well as incomes per allotment of UOL for the financial year finishing 31December2K21 “.
Jesline Goh, Head I&A Officer at UOL, has recently admitted plannings to build a 24 or 25 level project at the location, with beyond 370 apartments “which will take joy in unobstructed scenes of the Bishan & AMK Recreation Area, Lower Peirce Reservoir Recreation Area, plus Shangri-la Park landed house grounds “.
“We like this site considering that it remains in the outside central region that distributes the same attributes like our other favored projects kicked off in the present yrs. As this is the current GLS location in Ang Mo Kio in the recent 7 years, our team believe there definitely will be a healthy demand for the project,” she mentioned.
Commenced for tender on 26Nov2K20, the spot features a size of Twelve thousand Six hundrerd Seventy nine square m including a maximum allowable GFA of 31thousand 6hundred 99 square m. The quote for the 99 years rental area wrapped up on 25 May ’21, with fifteen proposals earned.
The best tender was Sixpercentage above the second-highest bid of $3hundred 58 mil from Titus Residential S’pore, a joint venture in between City Developments and MCL Land.