The Ang Mo Kio residential site has been awarded to United Venture Development (2021), a joint venture between UOL Group, Singapore Land Group and Kheng Leong Company. Source: URA
The tender for a residential site at Ang Mo Kio Avenue 1 has been awarded to United Venture Development (2021), which submitted the highest bid of $381.4 million or $12,031 per sq m of gross floor area (GFA), revealed the Urban Redevelopment Authority (URA) on Wednesday (2 June).
United Venture Development (2021) is a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheng Leong Company.
In an SGX filing, UOL said the acquisition enables the group “to replenish its land bank for residential development in Singapore”.
It shared that the acquisition “will be financed principally from bank borrowings and proportionate shareholders’ loans, and is not expected to have a material impact on the net tangible assets per share and earnings per share of UOL for the financial year ending 31 December 2021”.
Jesline Goh, Chief Investment and Asset Officer at UOL, has revealed plans to build a 24/25 storey project at the site, with more than 370 units “that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park, and Shangri-la Park landed housing estate”.
“We like this site as it is in the outside central region which shares the same attributes like our other well-received projects launched in the recent years. As this is the latest GLS site in Ang Mo Kio in the last seven years, we believe there will be a healthy demand for the project,” she said.
Launched for tender on 26 November 2020, the site has an area of 12,679.4 sq m and a maximum permissible GFA of 31,699 sq m. The tender for the 99-year leasehold site closed on 25 May 2021, with 15 bids received.
The top bid was 6.3% above the second-highest bid of $358.9 million from Titus Residential SG, a tie-up between City Developments and MCL Land.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org