URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheng Leong Company.
On a SGX filing, UOL said the acquisition makes it possible for the grp “to renew its own land depository for non commercial progress in S’pore”.
It posted that the possession “is going to be funded primarily coming from bank fundings furthermore in proportion stockholders’ financings, and never foreseed to get a substance impact on the final tangible possessions per allotment also incomes per allotment of UOL for the fiscal yr closing 31December’21 “.
Jesline Goh, Head I&A Officer at UOL, has recently admitted plans to put up a 24/25 storey property at the area, with at least Three hundred Seventy apartments “which will certainly take pleasure in open scenery of the Bishan-AMK Park, Lower Peirce Reservoir Park, as well as Shangri-la Park landed property estate “.
“We enjoy this site because it stays in the outside central region which offers the very same qualities just like our various other well-received properties commenced in the latest yrs. As this is the current GLS location in Ang Mo Kio in the previous 7 years, we feel there definitely will be a strong interest for the project,” she claimed.
Launched for tender on 26Nov2020, the location offers an area of 12thousand 6hundred 79 square metre and also a peak permitted GFA of 31thousand 6hundred 99 square meter. The tender for the 99-year rental site ended on 25 May 2021, with fifteen proposals earned.
The main quote was 6.3% over the next highest quote of $Three hundred Fifty Eight million from Titus Residential S’pore, a tie-up in between City Developments and also MCL Land.