URA awards Ang Mo Kio residential site for $381.4mil
United Venture Development (2021) is a 60%-20%-20% joint venture concerning UOL Grp, Singapore Land Group together with Kheng Leong Co.
In a Singapore Exchange declaring, UOL stated the purchase enables the team “to make up its land depository for home progression in Singapore”.
It mentioned that the acquisition “will be bankrolled principally coming from banking company loans as well as in proportion investors’ credits, and is in no way expected to receive a component influence on the net solid assets / share as well as profits per share of UOL for the financial year closing 31 December ’21 “.
Jesline Goh, Chief Investment and Asset Officer at UOL, has revealed arrangements to build a 24 to 25 level project at the location, with at least 370 apartments “which will appreciate open scenes of the Bishan & AMK Park, Lower Peirce Reservoir Recreation Area, as well as Shangri-la Park landed homes area “.
“We fancy this area since it exists in the OCR that distributes the very same features like our various other famous residences opened in the present yrs. As this is the current GLS site in Ang Mo Kio in the latest seven years, our team believe there will be a healthy demand for the project,” she expressed.
Introduced for proposal on 26November2K20, the location has an expanse of 12thousand 6hundred 79 square metre and even an utmost permissible gross floor area of 31,699 sq m. The proposal for the 99 years lease site concluded on 25 May ’21, with fifteen quotes acquired.
The top offer was Sixpercentage over the second top proposal of $358.9 million from Titus Residential SG, a collaboration involving City Developments along with MCL Land.