UOL-UIC tie-up with a strong interest that top bid Clementi Ave 1 land parcel

A total of five bidders had competed and placed their interest for a 99-year leasehold private residential site in Clementi Avenue 1.

UOL Group and United Industrial Corporation had emerged with a top bid of $491.3 million or $788.31 per square foot per plot ratio (psf ppr).

MCL Land had came in second place with a $471 million or $755.75 psf ppr. A tie-up between a Sing Holdings and MCC Land (Singapore) offered $452.3 million and came in 3rd place.

UOL group chief executive Liam Wee Sin mentioned their interest and confident that this residential development will be the next most exciting development that would potentially sell out like The Clement Canopy. The 505-units Clement Canopy was launched in February 2017 and sold out in July last year.

With a very strong demand in the location that is close proximity to a number of prominent educational cluster anchored by the National University of Singapore, NUS High School and Nan Hua High.

This rare site is not only for home buyers and HDB upgraders but also property investors. With strong potential tenants from nearby commercial area such as one-north, Science Park and National University Hospital.

UOL planned to develop the site with a high rise of 40-storey residential component that comprises a total of 640 units.

Overall, UOL expects the development to be in high demand. The project was named Clavon. More project information will be provide at a later date.