SINGAPORE (May 18): A residential plot in Singapore may fetch a record price for a government land sale, with a Chinese consortium putting in the highest bid at $1 billion.

Logan Property (Singapore) Co. and Nanshan Group Singapore Co. put in the highest bid in the Stirling Road land auction that closed Thursday, according to a statement from the Urban Redevelopment Authority. The final award of the site will be decided once the bids have been evaluated.

The price for the land would be equivalent to $1,050 per square foot of gross floor area, translating into the highest absolute price paid for a residential plot, according to Cushman & Wakefield Inc. The Urban Redevelopment Authority announced on April 10 that it had received an application from a developer for the site to be put up for public tender. The plot can house about 1,110 units, according to URA estimates.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories


    Stay updated with Singapore corporate news stories for FREE

    Follow our Telegram | Facebook