URA awards Ang Mo Kio residential site for $381.4mil

United Venture Dvlpmt (2021) is a 60%-20%-20% joint venture concerning UOL Group, Singapore Land Grp together with Kheng Leong Company.

On a Singapore Exchange filing, UOL claimed the acquirement enables the team “to re-supply its own land depository for residence improvement in S’pore”.

It shared that the possession “will be financed principally out of bank loans furthermore proportional investors’ advances, and is in no way forecasted to have an element impact on the final solid properties / share as well as profits per allotment of UOL for the financial yr closing 31Dec2021 “.

Midtown Bay floor plan

Jesline , Chief Investment and Asset Representative at UOL, has actually revealed strategies to develop an up to 25 storey project at the spot, with more than just 370 units “who will certainly take joy in unobstructed views of the Bishan-Ang Mo Kio Recreation Area, Lower Peirce Reservoir Park, as well as Shangri-la Park landed property estate “.

“We appreciate this spot since it is in the OCR which offers the exact same features like our various other well-received properties debuted in the existing yrs. As this is currently Government Land Sales site in Ang Mo Kio in the last 7 yrs, our company believe there definitely will be a great demand for the project,” she claimed.

Debuted for tender on 26November2020, the spot offers an area of 12,679.4 sq m furthermore an utmost permissible GFA of 31,699 sq metre. The quote for the Ninety nine yrs rental spot closed on 25 May ’21, with 15 proposals acquired.

The main offer was Sixpercent over the second-highest offer of $358.9 million from Titus Residential SG, an alliance in between City Developments and also MCL Land.

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