Avenue South Residence, SingaporeEugene Koh's Property Review: Avenue South Residence by UOL group and Kheng Leong Co. 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.
The $1.04 billion submitted by UOL Group, UIC and Kheng Leong has raised tons of questions from the property market as it seems like the developer has avenue south condo somehow overpaid for the Silat Avenue site, which is situated in a relatively ‘untested' area with almost no private residential developments around.
Unlike its fellow developers, developing Avenue South Residence , the firm has kept up with the financial and raised a lot of questions in the property market as it feels like the developer has somehow overpaid for the Silat Avenue website, which is situated in a relatively'untested' area with no developments.
Being within walking distance of the city's best shopping malls and entertainment centres including Maxwell Food Centre, Chinatown Complex, Lau Pa Sat and People's Park Complex Food Centre is a major benefit, while the Orchard Shopping Belt remains just a five-minute drive for those with cars.
The tender for Avenue South Residence Silat Avenue government land site successfully won by Singapore-listed UOL Group in a joint venture with sister companies, United Industrial Corp and Kheng Leong Company of $1,035 billion or $1,138 psf per plot ratio (ppr).
The Avenue South Residences is a new residential development comprising two 56-storey high towers with seven commercial units at ground level, and five 4-storey high conserved Singapore Improvement Trust (SIT) blocks that add distinctiveness and character.
The redevelopment of Marina Bay will attract new business especially in the finance sector will improve the economy boosting potential for high capital appreciation for surrounding properties and Avenue South Residence is amongst the condos set to benefits from this appreciation.
It is also at the fringe of the most talk about Greater Southern Waterfront where the Prime Minister touched on during the recent 2019 National Day Rally that will rejuvenate the southern part of Singapore in the next 5 to 20 year based on the Master Plan.
Extending from Pasir Panjang to Marina East, the transformation of the Greater Southern Waterfront, comprising over 2,000 hectares of prime waterfront land, will contribute to a dynamic city centre with exuberant business and lifestyle opportunities.