Ang Mo Kio residential site tender awarded for $381.4 million

SINGAPORE (THE BUSINESS TIMES) – The Urban Redevelopment Authority (URA) has awarded the tender for a private housing site at Ang Mo Kio Avenue 1 to United Venture Development (2021) for $381.4 million or $12,031 per square metre of gross floor area.

United Venture Development (2021) is a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheng Leong Company. It had submitted the highest bid in the tender for the site, said URA on Wednesday (June 2).

Sitting on a plot area of 12,679.4 square metres opposite the Bishan-Ang Mo Kio Park, the land parcel was offered for sale on a 99-year lease term.

It was up for tender from Nov 26, 2020 to May 25, 2021 and drew 15 bids, including offers from Far East Organization, Sino Group and Sekisui House.

The winning bid was 6.3 per cent higher than the second-highest bid of $358.89 million from Titus Residential SG, a tie-up between City Developments and MCL Land.

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