URA awards Ang Mo Kio residential site for $381.4mil

United Venture Dvlpmt (2021) is a 60%-20%-20% collaboration involving UOL Group, Singapore Land Grp along with Kheng Leong Co.

The Florence Residences floor plan

On a SGX filing, UOL stated the possession enables the team “to refresh its own land bank for residence progression in S’pore”.

It shared that the acquirement “will be funded mainly out of bank loanings as well as proportionate investors’ advances, and never presumed to get an element influence on the net concrete possessions per share and also revenues / share of UOL for the financial yr concluding 31Dec’21 “.

Jesline Goh, Chief I&A Representative at UOL, has let out arrangements to put up a 24 to 25 floor proposal at the area, with more than 370 apartments “in which will savor unobstructed viewpoints of the Bishan & AMK Park, Lower Peirce Reservoir Park, furthermore Shangri-la Park landed housing estate “.

“We appreciate this spot because it remains in the OCR that offers the same characteristics like our other popular residences launched in the existing years. As this is the most up to date Government Land Sales spot in Ang Mo Kio in the previous seven years, we suppose there will be a strong need for the property,” she mentioned.

Debuted for proposal on 26 Nov 2K20, the spot features a surface area of 12,679.4 square m along with an utmost allowable gross floor area of 31,699 sq meter. The bidding for the 99 years leasehold location concluded on 25May2021, with fifteen bids accepted.

The top quote was Sixpercentage over the second-highest offer of $Three hundred Fifty Eight mil from Titus Residential S’pore, a collaboration involving City Developments and also MCL Land.

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