UOL group wins Silat Avenue site for $1.035b

The site can be used for residential and commercial purposes.

The group of UOL Group, United Industrial Corporation (UIC), and Kheng Leong Company (KLC) won the tender for residential site Silat Avenue at a price of $1.035b.

According to an announcement, the 99-year leasehold site has a total site area of 245,972 sqft and a gross plot ratio of 3.7. It is currently used for residential and commercial purposes with conservation of five existing buildings.

The balance of the tender price is payable to the Urban Redevelopment Authority (URA) within 90 days of the award of tender. "The tender price shall be financed principally from bank borrowings and proportionate shareholders’ loans," UOL said.

A joint venture company will be incorporated to undertake the proposed acquisition and development of the Site. UOL will take 50%, UIC will take 30%, whilst KLC will hold 20%.

"The acquisition of the site would enable the UOL Group to replenish its land bank for residential development in Singapore," the firm said.

Separately, the tender for Cuscaden Road was awarded to a consortium of Amberden, FEC Properties, and Orchard Square for $410m. Meanwhile, FSKH Development won the residential site at Mattare Road for $223.02m.