URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60:20:20 collaboration between UOL Group, SGP Land Grp and Kheng Leong Co.
In a Singapore Exchange submission, UOL said the procurement permits the team “to refresh its own land depository for non commercial growth in SGP”.
It mentioned that the acquirement “will be financed primarily coming from bank credits and proportional shareowners’ loans, and never anticipated to have a substance influence on the net concrete possessions / share and also proceeds per share of UOL for the fiscal yr ending 31Dec’21 “.
Jesline , Chief Investment and Asset Officer at UOL, has let out plans to build a 24/25 level project at the area, with excess of 370 units “in which will appreciate open sights of the Bishan-Ang Mo Kio Recreation Area, Lower Peirce Reservoir Recreation Area, including Shangri-la Park landed homes grounds “.
“We admire this area given that it remains in the outside central region that shares the very same qualities like our many other famous residences debuted in the latest years. As this is the most up to date Government Land Sales site in AMK in the previous seven years, we feel there definitely will be a great requirement for the project,” she mentioned.
Commenced for proposal on 26Nov2K20, the spot possesses a size of Twelve thousand Six hundrerd Seventy nine square metre and an optimum permitted GFA of Thirty one thousand Six hundred Ninety nine sq metre. The proposal for the Ninety nine yrs lease spot concluded on 25 May 2021, with 15 quotes accepted.
The highest offer was 6.3percent above the second-highest bid of $3hundred 58 million from Titus Residential SG, an alliance in between CDL also MCL Land.