Avenue South Residence Silat Avenue
Avenue South Residence is a new development located right at the heart of Downtown City Centre at Silat Avenue. UOL is one of the most renowned property developers in Singapore and undertakes the development of the Avenue South Residence, which is located along Silat road and is within the vicinity of the Singapore General Hospital and other amenities. The development is a 99-year leasehold that is situated on a huge approximately 5.65 acres of land and is expected to comprise of two sky-high towers of 56 floors that face the heart of the Central Business District. Avenue South Residence is also projected to have 1074 units of one to four-bedroom prime residential units. The lease agreement had initial specifications that the property developer had to integrate assembled and prefinished construction materials. Thus, UOL was an appropriate developer because it had prior experience in this mode of building in the construction
Avenue South Residence UOL Group Near to the City Area
Avenue South Residence is located on Silat Avenue. It is a few minutes (approximately 15 minutes) walk or drive away from the business district. Some of the significant facilities surrounding it include the Outram Park and Outram MRT Station. Two other prospective MRT stations are set to be constructed before 2025, and hence this development will have reliable access to transport. There additionally multiple feeder roads and main roads that will be helpful to those who prefer using cars, buses, or other road carriers. This residence is located in a calm and peaceful edge of the business district, which will be suitable for homeowners who love serene environs. The highest advantage would be that Avenue South residence is found right at the margin of Singapore’s business district. It is located in a quiet and elegant area, and it is of close proximity to most workplaces. If one would like to live a couple minutes’ walk from the CBD of Singapore, then this development will be an ideal option for them. Also, residents have the opportunity to access to various prime facilities such as shopping areas, offices, and the Singapore General Hospital.
Avenue South Residence Located near to Business District
The Avenue South Residence is set to be an iconic development because of its proximity to the business district. Even though it is not as close to the MRT station right now, people still have the option of using taxis, cars, or buses to move around the city. The success of this development is extensively dependent on its elegance and outstanding construction features. Most homeowners are probably drawn by the idea that its location is reasonably distinctive and calm. Even though the launch dates have not been specified, the initial sales are almost sold out.
Avenue South Residence developer is UOL Group which has established itself as Singapore’s leading property development company. This did not happen overnight. Instead, it took years of dedication and commitment to building a company that all of its employees and all of Singapore could be proud of. Here are some things that have made The UOL Group what it is today:
UOL Group-A Long History
In order for Singapore’s top property development group to be viewed as such, they needed to have a long track record of doing things well. They needed to have a solid track record, and they needed to develop a solid reputation as a team that does things efficiently. Here are some ways that The UOL Group has done just that:
The Key Milestones of UOL Group
First of all, UOL Group was started over 50 years ago under the Faber Union company. The group quickly came into its own, and In 1975 this subsidiary became known as United Overseas Land Limited. They would eventually shorten the name to UOL In 2006. The company has also had the advantage of consistent leadership, most notably with the fact that its President, Wee Cho Yaw, has been leading the company since the early 1970s. Under his leadership, this company has excelled In the following areas:
Property Development for UOL Group
In the 1970s and 1980’s the United Overseas Land Limited Company was responsible for several major land deals, including many in the Faber, Mount Echo, and Cairnhill and Orchard areas. In the mid-1990s, this company’s major developments were several parks and villas. Up to now, this company was making some tremendous progress. However, it wasn’t until the dawn of The 21st Century that their fortunes really started to take off. First of all, they revitalized the precincts of Tiong Bahru and Novena, adding various suites and high rises to the area. Moreover, they adopted an aggressive expansion strategy where they gave many other neighborhoods a face-lift as well. These would include The superb Nassim area, which many thought was as good as it could get. However, UOL actually managed to make it better! Meanwhile, they also did some high-end, inner-city, mid-end, and suburban development projects In order to pad their resume.
Property Investments by UOL Group
They have also invested In several different properties over the years. In 2002, they turned the United Square Shopping Mall into a children’s mall; In 2003, they completed a two-story addition to Odeon Towers; and In 2006 they helped Novena square add a new mall to their properties. Most recently, they completed a 2014 project to open a new mall called OneKM. All of this alone would be impressive, but it still doesn’t account for the impressive amount of new hotels that they have built over the years. There is no question that this company has made its mark on Singapore and will continue to do so In the future.
Price Tender for UOL Silat Avenue
Real estate corporation UOL Group continues to be a heavy hitter in the Singaporean property markets. They recently participated with their affiliates and won a residential space located on Silat Avenue, just over by one of the main Singapore hospitals. The property was purchased for just over S$1 billion or $771 million. This was just one example of an extremely busy day in the Singapore real estate markets last week.
This property was also listed at just under $850 per square footage. The area not only has the benefit of a 99-year lease, but it also has zoning designated for at least 910,000 square feet that can be utilized for storefronts on the first story of the property and residences on the second story of it. The property was awarded to the lone bidder, which was the UOL Group and their subsidiaries. They worked with the property company Kheng Leong in order to seal the deal.
The Leong company is well-known for being one of the main investment assets of UOL leader Wee Cho Yaw. He is a chairman emeritus of a well-known local bank. The ownership of this investment parcel is relegated to 50 percent going to UVI, 30 percent being held by UIC, and finally Kheng Leong owning 20 percent of the property rights.
The Singapore Government: An Immense Amount of Property Sales This Week
The Singapore URA announced the award of this property last Thursday. There were actually three different properties being sold this week to well-known property investment firms such as FEC and FSKH Development. The sites were located in the Orchard neighborhood and in the Geyland area respectively.
Unimpressive Sale Price For This Downtown Property
Of course, this Silat Avenue site spans over 240,000 square feet and it is some prime real estate in the Bukit Merah division of Singapore. This plot also holds a former railway intersection that the Singaporean government plans on turning into a community spot. They want to integrate the neighborhood as sensitively as possible with the other rail lines. They also want to turn this neighborhood into something that residents can be proud of. They want to make it vibrant, eclectic, and artistic. The developers want to make the leafage and verdure blend in with the local landmarks. Thus, it isn’t evident why the price wasn’t all that impressive. However, Collier International Research Head Tricia Song believes it is because the site is very large and away from many of the MRT public transportation sites.
The tender price for this site opened up in mid-March, and by late April it had been closed and sold.