UOL Group Limited (U14.SI) on Wednesday said a consortium including its joint venture Horizon Residential Pte. Ltd. and a sub-trust of CapitaLand Integrated Commercial Trust (CICT) has won the tender for a mixed-use residential and commercial site at Hougang Central, submitting a bid of S$1.5 billion to the Housing & Development Board (HDB).
The 99-year leasehold site spans 46,899.4 square metres and allows a gross plot ratio of 2.52. The development will integrate residential units and commercial space with an MRT station, a bus interchange, and a town plaza.
Residential SPV, a 50:50 joint venture between Secure Venture Development (Horizon) Pte. Ltd. and CL Emerald Pte. Ltd., a unit of CapitaLand Group Pte. Ltd. will develop the residential component at its own cost for sale, while CICT Sub-Trust will develop and retain the commercial portion.
SVD (Horizon), the Horizon Residential entity, is itself a 60:20:20 joint venture between UOL Venture Investments Pte. Ltd., Singland Residential Development Pte. Ltd. , a unit of Singapore Land Group, and Kheng Leong Company (Private) Limited, giving UOL an effective 30% stake in Residential SPV, with SingLand and Kheng Leong Company holding 10% each and CapitaLand Development holding 50%.
The project will be financed primarily through bank borrowings and shareholders' loans, with a tender deposit of about 5% already paid. A further 25% of the tender price is due within 28 days, with the remainder payable within 90 days.
The company said the transaction is not expected to have a material impact on earnings or net tangible assets for the 2026 financial year.
"The acquisition of the Site would enable the Group to replenish its land bank for residential development in Singapore, as part of the Group's ordinary course of business," UOL said an a statement.
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