Who won the final bid for the Ang Mo Kio Avenue land site?
The UOL led group won Ang Mo Kio Avenue at S$381.4 million. With land hungry developers trying to scrape a piece, this land has elevated in value. The land had a record breaking bid of S$1,118 psf. What is in store for the owner of this highly sought after land?
In our segment, Are the recent land for sale under GLS worth the salt for the land eager developers? We mentioned Ang Mo Kio Avenue. And how it was valued for its close proximity to the upcoming Mayflower MRT. Lands in developing areas are always an attraction for developers. Mostly because they know that when the area becomes more upgraded, the land price will automatically increase. Followed by appreciation in properties built upon the land.
Ang Mo Kio Avenue is no different! Hence, it received a number of bids. Finally, it had been swept in by OUL Group, Singapore Land Group and Kheng Leong Group. The final selling price of the land site was S$391.38 million.
A highlight of Ang Mo Kio Avenue:
Let’s dig into the specifics which drew so many bidders to grab this land.
- 99 leasehold year land.
- Located opposite the Bishan Ang Mo Kio Park
- Stretches upon a plot area of 12,679.4 sq metres with a GFA of 2.8.
How will the land be shared by the jointly owned parties?
The winning bid for this private housing land was placed last wednesday, 2nd June 2021. United Ventures Development (OUL) will own 60% of the land. Another 20% of the land will be owned by Singapore Land Group. And the last 20% of the share will go to Kheong Leong company.
How close was the bidding war?
The bidding war was neck to neck with a whopping 15 bids. The tender went on for more than six months, 26th Nov 2020 to 25th May, 2021. Prominent developers like Far East Organization, Sino Group and Sekisui House were knee-deep in the game.
The closest second bid was at S$358.89 million. It was a tie between 3 companies, Titus Residential SG, City Developments and MCL Land. But in the end, the winning bid went to the OUL led Group at S$391.38 million. Meaning the final owner secured the land at 6.3% higher price than the second bidder.
What can the owner of Ang Mo Kio Avenue develop on the land?
Ang Mo Kio is a residential land site released by the Government. The owner has the liberty to build a number of different types of properties in the land including:
- Flats
- Condominium
- Townhouse
- Terrace House
- Semi-Detached House
- Detached House
- Strata-Landed Housing
- Retirement Housing
- Serviced Apartments
- Student Hostel
What are the development charges looking like for the Ang Mo Kio owners?
According to URA, the development charges for this land is as follows:
Source: URA
To conclude…
Ang Mo Kio Avenue has achieved a great selling price. On the other hand, the owner will benefit from its many advantages. The easy accessibility and the developing area surrounding the land adds significantly to its value. It is to be seen how the owners put it to use in future.
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