Tie-up between UOL-SingLand and CapitaLand bag Tampines mixed-use site at S$1.21 billion

Jul 11, 2023

THE Housing and Development Board (HDB) has awarded a mixed-use land parcel in Tampines Avenue 11 to a joint venture between a UOL-Singapore Land consortium and CapitaLand Development at a tender price of S$1.21 billion, HDB announced on Tuesday (Jul 11).

The 99-year leasehold plot, just under 50,680 square metres (sq m) in size, can yield a maximum gross floor area of 126,700 sq m, with a maximum building height of 64 m.

The joint venture companies, Topaz Residential and Topaz Commercial, will develop the site for commercial and residential use, and integrate it with a bus interchange, community club and hawker centre. The land is expected to be able to host 1,190 housing units, HDB said.

The second-highest offer by Allgreen Properties came in at S$1.06 billion; Sim Lian Land and Sim Lian Development put up the last, third-place bid at S$909.09 million.

The site was launched for tender on Dec 23, 2022.

“The acquisition of the site would enable the UOL group to replenish its land bank in Singapore and diversify its commercial investment portfolio,” UOL said in a bourse filing.

The transaction will not have a material impact on the group’s net tangible assets per share and earnings per share for the financial year ending Dec 31, 2023, it added.

https://www.businesstimes.com.sg/pro...e-s121-billion