URA awards Ang Mo Kio residential site for $381.4mil

United Venture Development (2021) is a 60%-20%-20% co-own concerning UOL Grp, Singapore Land Group along with Kheng Leong Company.

On a Singapore Exchange filing, UOL said the acquirement helps the team “to restore its land depository for housing progression in SGP”.

Canninghill Piers floor plan

It mentioned that the acquisition “will be funded principally coming from banking company loanings furthermore proportional stockholders’ loans, and never projected to possess a substance influence on the net concrete assets per share also revenues per share of UOL for the fiscal yr finishing 31December’21 “.

Jesline Goh, Chief Investment and Asset Officer at UOL, has actually revealed plannings to put up a 24/25 floor project at the spot, with greater than 370 apartments “which will definitely delight in unobstructed sights of the Bishan & Ang Mo Kio Recreation Area, Lower Peirce Reservoir Recreation Area, including Shangri-la Park landed house area “.

“We like this area since it remains in the outside central region which provides the very same qualities just like our many other famous properties released in the present yrs. As this is the current Government Land Sales area in AMK in the last 7 years, our company believe there definitely will be a robust demand for the property,” she expressed.

Released for proposal on 26Nov’20, the site possesses a surface area of 12,679.4 square meter as well as a top permitted gross floor area of 31thousand 6hundred 99 square meter. The bidding for the 99-year leasehold spot ended on 25 May ’21, with 15 proposals obtained.

The top quote was 6.3% above the next highest bid of $Three hundred Fifty Eight million from Titus Residential S’pore, an alliance among CDL also MCL Land.

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