United Engineers Ltd. said on Saturday that its wholly owned subsidiary, UED Residential, was awarded on Friday the tender for a government land sale parcel at Dairy Farm Road for S$368.8 million.
UEDR plans to develop the site into a project with around 450 residential units, a childcare center, a supermarket, a food court and F&B/retail shops, it said in the filing to SGX on Saturday.
“Located near the Dairy Farm Nature Park and Bukit Timah Nature Reserve, the site is within walking distance of the Hillview MRT station and is easily accessible via Bukit Timah Expressway (BKE) and Upper Bukit Timah Road,” United Engineers said.
The 99-year leasehold site has a land area of around 19,648 square meters, with a maximum gross floor area of 41,260 square meters, it said.
The project will be funded internally and through bank borrowings and isn’t expected to have a material impact on net tangible assets or earnings per share for the current financial year, United Engineers said.