URA awards Ang Mo Kio residential site for $381.4mil

United Venture Dvlpmt (2021) is a 60%-20%-20% joint venture between UOL Grp, Singapore Land Group and Kheng Leong Co.

On a Singapore Exchange declaring, UOL stated the purchase helps the team “to make up its own land depository for home progression in S’pore”.

Avenue South Residence floor plan

It shared that the procurement “will be funded primarily coming from banking company borrowings also proportional investors’ advances, and never presumed to possess a material impact on the net solid assets / share also incomes per share of UOL for the fiscal yr finishing 31 Dec 2021 “.

Jesline Goh, Chief I&A Officer at UOL, has actually admitted plans to put up a 24/25 level plan at the site, with at least 3hundred 70 apartments “in which are going to appreciate unobstructed scenes of the Bishan-AMK Park, Lower Peirce Reservoir Park, plus Shangri-la Park landed house estate “.

“We enjoy this site given that it stands in the outside central region that provides the exact same attributes like our various other favored properties released in the recent years. As this is the most up to date GLS area in Ang Mo Kio in the last seven years, our company believe there will definitely be a great demand for the property,” she stated.

Commenced for bidding on 26Nov2K20, the site owns an expanse of 12,679.4 sq metre together with an optimum legalized gross floor area of 31,699 sq meter. The tender for the 99-year leasehold spot wrapped up on 25May’21, with 15 quotes earned.

The top proposal was 6.3% above the second-highest quote of $3hundred 58 mil from Titus Residential SG, a collaboration concerning CDL together with MCL Land.

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