UOL Group has announced that its subsidiary United Venture Development (2021) (UVD2021) has been awarded the tender for the residential site at Ang Mo Kio Avenue 1 by the Urban Redevelopment Authority (URA) at a tender price of $381.4 million.
UVD2021 is a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheng Leong Company.
The Ang Mo Kio Avenue 1 site has a leasehold tenure of 99 years. It has a total site area of 136,479 square feet, with a gross ratio of 2.5.
The parties have paid a tender deposit of approximately 5% of the tender price to URA. 25% of the tender price including the deposit will be paid within 28 days of the award of the tender, with the remainder payable to URA within 90 days of the award of the tender.
In a filing to SGX on June 2, UOL states the transaction will be financed principally from bank borrowings and proportionate shareholders’ loans, and is not expected to have a material impact on the net tangible assets per share and earnings per share for FY2021 ending December.
Shares in UOL closed 7 cents or 0.94% lower at $7.40 on June 2.
