URA awards Ang Mo Kio residential site for $381.4mil
United Venture Dvlpmt (2021) is a 60%-20%-20% co-own concerning UOL Group, SGP Land Group including Kheng Leong Co.
In a SGX declaring, UOL stated the acquisition helps the group “to replenish its own land stock for household improvement in SGP”.
It mentioned that the possession “will be funded principally out of banking institution credits as well as proportional investors’ loans, and is not anticipated to receive a component influence on the net tangible possessions per allotment and earnings per share of UOL for the financial year finishing 31Deember2021 “.
Jesline , Chief I&A Officer at UOL, has recently disclosed arrangements to put up a 24 to 25 storey proposal at the spot, with greater than 370 apartments “in which will definitely savor unobstructed scenery of the Bishan & Ang Mo Kio Park, Lower Peirce Reservoir Park, and Shangri-la Park landed homes estate “.
“We enjoy this site as it remains in the outside central region which offers the same characteristics like our other attractive projects released in the present years. As this is currently GLS area in AMK in the latest 7 years, we understand there will definitely be a robust requirement for the property,” she said.
Commenced for quote on 26 Nov 2K20, the location possesses a surface area of 12thousand 6hundred 79 square metre and also a maximum permitted GFA of 31thousand 6hundred 99 sq m. The quote for the Ninety nine years leasehold spot ended on 25May2K21, with fifteen offers accepted.
The leading bid was 6.3% above the second top quote of $3hundred 58 million from Titus Residential S’pore, a collaboration among CDL as well as MCL Land.