Ang Mo Kio residential site tender awarded for $381.4 million
The Urban Redevelopment Authority (URA) has awarded United Venture Development (2021) the tender for a private home site on Ang Mo Kio Avenue 1 for $381.4 million, or $12,031 per sq m of gross floor area.
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 (June 2).
The land parcel was offered for sale on a 99-year lease term and sits on a plot area of 12,679.4 sq m beside 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 of $358.89 million from Titus Residential SG, a joint venture between City Developments and MCL Land, was 6.3 percent more than the second-highest bid of $358.89 million.
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