The Urban Redevelopment Authority (URA) has granted 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 space.
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 property parcel was offered for sale on a 99-year lease term and sits on a plot size of 12,679.4 sq m beside Bishan-Ang Mo Kio Park.
It was up for bids from November 26, 2020, through May 25, 2021, and 15 bids were received, including proposals 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 offer of $358.89 million.