Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
A consortium including Singapore-based UOL Group has secured a government tender valued at about USD 1.17 billion for a large integrated residential and commercial development site in Singapore. The tender was awarded by the Housing and Development Board and involves a leasehold parcel earmarked for a mixed-use project. The development will integrate residential and commercial components with public transport infrastructure, including a metro rail station, a bus interchange and a town plaza. Under the agreed structure, the residential and commercial elements will be developed separately by consortium members. The acquisition is expected to support UOL Group's residential land bank strategy in Singapore and will be funded largely through bank borrowings and shareholder loans.
A consortium that includes Singapore developer UOL Group has won a government tender for a major integrated residential and commercial site in Singapore, with a total bid value of around USD 1.17 billion. The company disclosed the development earlier this week in a regulatory filing. Advertisement
The tender, valued at 1.50 billion Singapore dollars, was awarded by Singapore's Housing and Development Board. The consortium comprises UOL Group, Singapore Land's indirect joint venture Horizon Residential, and a sub-trust of CapitaLand Integrated Commercial Trust. The partners will jointly undertake the development of the leasehold site, which is planned as a large-scale mixed-use project.
According to the filing, the site will be developed into an integrated scheme combining residential and commercial space with key transport and public infrastructure. The planned development will be directly connected to a metro rail transit station and a bus interchange, and will also include a town plaza. The integration of transport nodes with residential and commercial uses reflects Singapore's urban planning approach aimed at enhancing connectivity and optimising land use.
Under the agreed deal structure, Horizon Residential will be responsible for developing the residential component of the project, which will be built for sale. The commercial portion will be developed and retained by the CapitaLand Integrated Commercial Trust sub-trust, allowing it to add income-generating assets to its portfolio. This structure enables each party to focus on its core development and investment objectives while sharing overall project risk.
UOL Group said the acquisition would help replenish its residential land bank in Singapore, supporting its future development pipeline in the city-state. The company stated that the purchase will be financed mainly through bank borrowings and shareholder loans, in line with its capital management strategy.
The transaction underscores continued interest from major developers and institutional investors in large, integrated urban developments in Singapore, despite elevated land prices. Mixed-use projects that combine housing, retail, offices and transport infrastructure remain a key focus for developers, given their potential to generate long-term value and support sustainable urban growth.
Based on the exchange rate provided, one US dollar is equivalent to around 1.2870 Singapore dollars.
Source - Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
