The site spans a land area of 7,031.40 sqm (75,685 sq ft) and is on a 99-year lease. The site is licensed for mixed-use - residential with a commercial area on the first floor. The non-residential component will form part of the common property for the development.
The tender submitted by United Venture Development to acquire a residential site at Orchard Boulevard has been approved by the Urban Redevelopment Authority (URA) on Feb 21. United Venture had submitted the tender on Feb 1 to acquire the site for $428.3 million.
United Venture is a 20:80 joint venture company (JVCo) formed by Singapore Land Group (SGX:U06
) ’s (SingLand) wholly-owned subsidiary, Singland Residential Development, and UOL Venture Investments, a wholly-owned subsidiary of UOL Group. Under the JV, Singland Residential has two ordinary shares - or 20% of the total share capital - in the JVCo while UOL Venture Investments has the remaining eight shares.
