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Fantasia Holdings unit outbids 10 contenders for Singapore residential plot

Fantasia Holdings Group Co. Ltd. subsidiary Fantasia Investment (Singapore) took pole position among a group of 11 bidders for the Lorong 1 Realty Park residential land plot in Singapore after submitting a bid of S$75.8 million, The (Singapore) Business Times reported.

Fantasia Investment, together with individuals Renwang Sun and Xinping Yang, tabled the bid, which represented a price of S$525.58 per square foot per plot ratio for the 1.34-hectare parcel. The plot has a 99-year lease, according to the June 1 report.

The report also noted that the lowest bid in the barrel came from Yuan Ching Development (Tong Seng Holdings)'s Lots Property. According to another Singapore publication, TODAY, the second place bid from SingHaiyi Investments and Haiyi Wealth fell 22.2% behind Fantasia Investment's, weighing in at S$62 million.

The June 2 TODAY report also noted that approximately 50 homes could be developed on the site.

As of June 1, US$1 was equivalent to S$1.39.