There have been many property acquisitions as of late in Singapore. These prices range from somewhat high to crazy high in numbers (Over a billion dollars!) I will discuss some of their plans with the newly bought property. There has been a frenzy of major property acquisitions in the country of Singapore. A 771 million USD property was bought by a private company called the UOL Group Limited. This is Singapore’s top publicly listed property company. The property that was bought was a little south of Singapore’s General Hospital and the price for it is 848 dollars USD per square foot as far as it is well known. UOL Group was the sole bidder for the plot of land with an attractive land bid of only $1138psf ppr indicating it has one of the lowest launch price around the area.
Avenue South Residence Bid Price by UOL Group
The property now has a 99-year leasehold by the company for the 910,999 square foot residential-commercial space. The Urban Redevelopment Authority gave the property to its only bidders (UOL Group) and it was a joint venture of UOL and its owned subsidiaries. These subsidiaries include UOL Venture Investments, UIC Homes and a property firm called the Kheng Leong Company. Kheng Long is owned by UOL Chairman, Wee Cho Yaw, he is also the chairman of United Overseas Bank. He holds 50 per cent of the joint venture firm. The developer for Avenue South Residence is UOL Group.
Silat Avenue Site Awarded to UOL Group
The Urban Development Authority announced the property as a reward last Thursday, it was one of the three sites that were awarded on the same day by Government Land Sales Programme, who has also awarded a residential site near Orchard Road to Hong Kong’s New World Development and the Far East Construction and Singapore’s SC Global developments, all for 440 million USD. Another site was won by FSK Development, a part of Singapore located firms called Hock Lian Seng Holdings, Keong Hong Holidays and TA corporation, for 223 million USD. Far East Organization won a residential site in the upscale neighbourhood of Bukit Timah for 900 million USD. The site is located at Silat Avenue and is one of the most attractive launch price around the Silat Avenue area.
Sole Bidder by UOL Group for Silat Avenue
The plot won sits between the Silat neighbourhood and the Rail Corridor, which is a 24-kilometre railway line turn community space. Plans have speculated that future development will occur and it will be adjacent to the Rail Corridor and cross Kampong Bahru Road. This plan is said to plan to liven up the neighbourhood and provide high rise living with greenery and much heritage.
Singapore’s rich company are looking to remodel the city-state. They have bought various properties in various neighbourhoods to do this. With the help of different firms, they will liven up these places to make a new and improved, Singapore.