A consortium led by UOL Group, which submitted the highest bid of $524.3 million for a tender at Dorset Road, has been awarded the tender by the Urban Redevelopment Authority (URA).
The consortium, made up of a 60:20:20 joint venture between UOL, SingLand and Kheng Leong, submitted their bid for the parcel of land on Oct 9. The tender sale price amounts to $14,405.06 per square metre of gross floor area.
The Dorset site is a leasehold of 99 years, and has a land area of 10,399 sq m.
The joint venture, named United Venture Development (UVD), has paid a tender deposit of about 5% of the tender price to URA. A sum of 25% of the tender price, including the tender deposit, will be paid within 28 days of the award of the tender.
The acquisition and development of the site will be financed principally from bank borrowings and proportionate shareholders’ loans.
Other bidders include ABR Holdings, Wee Hur Property and GuocoLand, among others.
The Dorset site is centrally located and it is the only site that sits within the fringe of CCR region from GLS Confirmed List sites for 2025, says UOL chief investment and asset officer Shirley Ng.
Shares in UOL Group closed 9 cents higher or 1.128% up at $8.07 on Oct 16.
