Stirling Land Holdings Pte. Ltd. won the public tender to a commercial/residential land plot at the prime Holland Road stretch in Singapore with its "compelling" design concept and roughly S$1.21 billion bid, the Urban Redevelopment Authority said.

Stirling Land's proposal was among the 15 bids received for the first phase of the dual-envelope tender process. It eventually surpassed four other shortlisted contenders to secure the 99-year leasehold to the 22,967.0-square-meter site.

Forming part of the wider Holland Village development in the city, the Holland Road site has a maximum gross floor area of 59,715 square meters, with a 13,500-square-meter allocation for retail use, and can yield an estimated 570 housing units.

Stirling Land, according to The (Singapore) Business Times, is a Far East Organization-led consortium that also includes Sekisui House Ltd. and Sino Group. Unsuccessful bidders for the site include partnerships involving Lendlease Corp. Ltd., Perennial Real Estate Holdings Ltd., GuocoLand Ltd. and CapitaLand Ltd., the May 16 report noted.

As of May 16, US$1 was equivalent to S$1.34.