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Singapore site fetches S$583.9M top bid from City Developments

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Singapore site fetches S$583.9M top bid from City Developments

The Urban Redevelopment Authority's public tender for the 12,786.5-square-meter Irwell Bank Road residential site attracted seven bids, with City Developments Ltd. submitting the highest offer of S$583.9 million.

A consortium comprising Far East Organization Pte. Ltd. and Sekisui House Ltd. submitted the second-highest offer of S$560.1 million, while Frasers Property Ltd. came in at third with an offer to pay S$528.0 million, according to the URA's Jan. 9 release.

The property with a 99-year lease period has a maximum permissible gross floor area of 35,803 square meters.

Meanwhile, the public tender for the 4,666.6-square-meter residential plot at Jalan Bunga Rampai also closed Jan. 9, with Wee Hur Development Pte. Ltd. placing the top bid of S$93.4 million.

The 99-year leasehold site with a maximum permissible gross floor area of 9,800 square meters attracted a total of nine offers, the Singaporean authority added.

As of Jan. 9, US$1 was equivalent to S$1.35.