SINGAPORE (Apr 27): Maybank is maintaining UOL at “buy” after a consortium led by the group emerged as the sole bidder for a city fringe site at a government land tender.
With the latest deal, the developer has effectively doubled its saleable resource that could yield 1,125 housing units, says Maybank. The $1.035 billion price tag translates into a reasonable land rate of $1,138 psf ppr, based on a maximum GFA of 84,551 sqm.
The price paid is significantly lower than $1,515 psf that CapitaLand paid for the redevelopment site at Pearl Bank Apartments.
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