A 50-50 joint venture project between UOL-SingLand (60-40) consortium and CapitaLand Development was awarded a mixed-use site in Singapore at Tampines Avenue 11 for $910 million.
The site will be transformed into a residential and commercial development integrated with a bus interchange, a community club and a hawker center. The development will have direct connectivity to the upcoming Tampines North MRT station.
The acquisition of the site would enable UOL Group to replenish its land bank in Singapore and diversify its commercial investment portfolio.
“Capitalizing on the low residential — outside central region — inventory in the mature Tampines Regional Centre, the residential component will offer about 1,190 residential units, while the retail and community amenities in the mixed-use development are expected to cater to the lifestyle needs of the growing residential population in Tampines North. The last awarded GLS residential site in Tampines was in
