About Ang Mo Kio Residential Site Awarded | The United Venture Development was awarded the tender for the residential site at Ang Mo Kio, disclosed by the Urban Redevelopment Authority (URA) 2nd June on Wednesday.
This tender submitted the highest of $12,031 per sqm or $381.4 million.
In addition, the United Venture Development (2021) is a shared ownership between UOL Group Singapore Land Group, Kheng Leong Company, and Singapore Land Group, featured in the ratio of 60:20:20 respectively.
UOL Group stated in an SGX filing that the acquisition made the group renew its land banks for residential achievement in Singapore.
UOL propounded that the acquisition, “will be funded directly from bank loans and proportionate shareholders’ loans. And it will be therefore expected to incorporate some material influence on the net comprehensible/concrete per earnings and assets share of UOL for the financial year going down 31st December 2021.”
More on Ang Mo Kio Residential Site Awarded
On the other hand, the Asset Officer and Chief investment at UOL Jesline Goh has disclosed the underway plans to build a 24/25 Storey project at the site with exceedingly more than 370 units that will be free from unblocked views of the Lower Pierce Reservoir Park, Shangri-La park landed housing estate and Bishan-Ang Mo Kio Park.
She added, “We adore this condominium because it is in the outskirts of the Central region which shares similar features like our other well-received projects started in recent years. We believe there will be a robust demand for the project since this is the latest GLS site in Ang Mo Kio in the previous seven years.”
Moreover, this site has roughly permissible GFA of 31, 699 sq. m and an area of 12, 679.4 sq. m. This tender was started on 26th November 2020, and the 99-year old tender leasehold site ended on 25 May 2021, With 15 bids at hand.
From Titus Residential SG, the highest bid was 6.3% transcending the second-highest bid of $358.9 million. However, there was a tie between MCC land and City Developments.
More upcoming launches can be found at Canninghill Piers, a mixed development at former Liang Court site. Bartley Vue, a District 19 residential development by Wee Hur or The Watergardens as well as The Commodore, both located at Canberra Drive.