URA awards Ang Mo Kio residential site for $381.4mil

United Venture Development (2021) is a 60%-20%-20% alliance concerning UOL Group, SGP Land Grp as well as Kheng Leong Co.

In a SGX declaring, UOL stated the purchase gives the group “to refresh its own land bank for non commercial development in SGP”.

It posted that the procurement “is going to be funded primarily from banking institution credits and proportional investors’ finances, and never projected to have a substance influence on the net tangible assets / share and earnings per share of UOL for the financial yr finishing 31December2K21 “.

Jesline Goh, Head Investment and Asset Representative at UOL, has actually admitted outlines to construct a 24 or 25 level project at the site, with at least Three hundred Seventy units “who will definitely enjoy unobstructed scenery of the Bishan-AMK Park, Lower Peirce Reservoir Park, furthermore Shangri-la Park landed property area “.

Irwell Hill Residences floor plan

“We fancy this area because it is in the OCR which distributes the exact same qualities like our many other popular properties introduced in the latest years. As this is the most up to date Government Land Sales location in Ang Mo Kio in the recent 7 years, we regard there will definitely be a robust demand for the project,” she reported.

Launched for proposal on 26 Nov 2K20, the location offers a size of Twelve thousand Six hundrerd Seventy nine square m as well as a peak allowable gross floor area of Thirty one thousand Six hundred Ninety nine square meter. The tender for the 99-year lease location wrapped up on 25 May 2021, with fifteen tenders collected.

The highest quote was 6.3% above the second-highest bid of $Three hundred Fifty Eight million from Titus Residential S’pore, a joint venture in between City Developments also MCL Land.

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