URA awards Ang Mo Kio residential site for $381.4mil

United Venture Development (2021) is a 60:20:20 alliance in between UOL Grp, SGP Land Grp including Kheng Leong Co.

On a SGX declaring, UOL stated the possession aids the grp “to restore its land depository for non commercial progression in S’pore”.

It mentioned that the procurement “will be bankrolled mostly coming from bank borrowings furthermore in proportion investors’ fundings, and is not counted on to possess a material impact on the net solid assets per allotment and earnings / share of UOL for the financial year concluding 31Dec’21 “.

Jesline , Chief I&A Representative at UOL, has recently revealed plannings to develop a 24 or 25 storey project at the area, with beyond 370 units “which will take joy in open scenery of the Bishan & Ang Mo Kio Park, Lower Peirce Reservoir Park, plus Shangri-la Park landed housing grounds “.

Perfect Ten floor plan

“We fancy this spot given that it remains in the OCR that offers the same qualities just like our other attractive properties introduced in the recent years. As this is the current GLS spot in Ang Mo Kio in the recent 7 years, we understand there will certainly be a healthy need for the property,” she reported.

Commenced for bidding on 26Nov’20, the location offers an area of 12thousand 6hundred 79 sq metre and a top permitted gross floor area of Thirty one thousand Six hundred Ninety nine sq metre. The proposal for the 99-year leasehold site closed on 25May2K21, with fifteen bids received.

The main quote was 6.3% above the second highest proposal of $3hundred 58 mil from Titus Residential SG, a collaboration involving City Developments and also MCL Land.

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