Ang Mo Kio housing site awarded to UOL-led group for S$381.4m

by Albert02

Ang Mo Kio housing site awarded to UOL-led group for S$381.4m

Ang Mo Kio housing site awarded to UOL-led group for S$381.4m. United Venture Development (2021) was awarded the tender for a private home site at Ang Mo Kio Avenue 1 for S$381.4 million, or S$12,031 per square metre of gross floor area, by the Urban Redevelopment Authority (URA).

UOL Group, Singapore Land Group, and Kheng Leong Company have formed United Venture Development (2021), a 60:20:20 joint venture.

URA said on Wednesday that it had submitted the highest proposal in the site’s tender.

The land parcel was offered for sale on a 99-year lease term and sits on a plot area of 12,679.4 square meters adjacent Bishan-Ang Mo Kio Park.

It was open for bids from November 26, 2020, through May 25, 2021, and 15 bids were received, including bids from Far East Organization, Sino Group, and Sekisui House.

The winning proposal was S$358.89 million, which was 6.3 percent higher than Titus Residential SG, a joint venture between City Developments and MCL Land.

The latest state tenders for two 99-year leasehold plots drew top offers that were above market estimates, indicating that developers are still keen for residential construction sites.

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