01/12/2021
The site at Ang Mo Kio Avenue 1 attracted 15 bids and the top bid of $381.38 million ($1,118 psf per plot ratio) was submitted by United Venture Development, a 60:20:20 joint venture (JV) between UOL Group, Singapore Land Group, and Kheng Leong.
The JV partners say they will develop a 24- or 25-storey project of more than 370 units, capitalising on the unblocked views towards Bishan-Ang Mo Kio Park and Lower Pierce Reservoir Park. “It is a timely replenishment for our landbank, given that Avenue South Residence and Clavon are more than 65% and 80% sold respectively,” says Jesline Goh, UOL chief investment and asset officer.
The new development will benefit from its proximity to Mayflower MRT station on the Thomson-East Coast Line which is slated to open in later this year.
Source: GLS site at Ang Mo Kio Ave 1 draws 15 bids with top bid of $1,118 psf, Edgeprop, 25 May 2021
