Singapore's Urban Redevelopment Authority closed the public tender for three development sites in the city-state on Sept. 5.
All of the three properties are zoned for residential development with a commercial component at the first story.
The 11,530.8-square-meter Tan Quee Lan Street property secured two bids, with the higher joint offer from GLL D Pte. Ltd., Intrepid Investments Pte. Ltd. and Hong Realty (Private) Ltd. amounting to nearly S$800.2 million. The property, which can yield up to 580 residential units, has a 99-year lease period and a maximum permissible gross floor area of 48,430 square meters.
Analysts had previously expected the property to attract up to 12 bids, with the highest offer tipped to reach S$834 million.
Meanwhile, the 3,846.2-square-meter Bernam Street site with a 99-year lease period and a maximum permissible gross floor area of 28,001 square meters attracted four bids. HY Realty Pte. Ltd. submitted the highest offer, which came to S$440.9 million.
In addition, the 5,778.7-square-meter One-North Gateway property with a lease period of 99 years and a maximum gross floor area of 14,447 square meters secured nine submissions, with the highest offer from TID Residential Pte. Ltd. amounting to S$155.7 million.
As of Sept. 5, US$1 was equivalent to S$1.38.
