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UOL Venture, partners clinch Singapore mixed-use site for S$1.04B

UOL Venture Investments Pte. Ltd., together with UIC Homes Pte. Ltd and Kheng Leong Co. (Pte.) Ltd., won the tender for a 22,851.6-square-meter mixed-use land plot in Singapore with an approximately S$1.04 billion bid.

According to a statement from the republic's Urban Redevelopment Authority, or URA, the partners' bid price translated to a S$12,244.68 per-square-meter price, based on the Silat Avenue site's gross floor area of 84,551 square meters. The plot is permitted to accommodate a part-residential/part-residential with first-floor commercial elements development.

Separately, URA also awarded the tender for a residential site at Singapore's Mattar Road to FSKH Development Pte. Ltd. for a total price of S$223.0 million, or S$11,931.89 per square meter of the plot's 18,691-square-meter gross floor space. The site measures 6,230.2 square meters.

Both sites have leasehold terms running for 99 years.

As of May 16, US$1 was equivalent to S$1.34.