The Urban Redevelopment Authority (URA) has awarded the tender of this home site in Canberra Drive into United Venture Development at a cost of $270.2m, a local bourse submitting revealed.
The tender for Penrose condominium situated at Sims Drive has closed.
It’s held onto a 50:30:20 foundation, respectively.
The Canberra Drive website has a 99-year leasehold and contains a place of 296,719 sqft. The parties have paid a tender deposit of about 5% of the tender cost to URA. A sum
Equal to 25 percent of cost (included in that is the tender deposit) will be paid within 28 days of the award of this tender.
The transaction will be funded mostly from bank borrowings and proportionate shareholders’ loans, and isn’t anticipated to have a material effect on the net tangible assets per share and earnings per share of UOL for its fiscal year ending 31 December. The team said that the purchase will permit them to replenish its land bank for residential growth in Singapore.