China's Nanshan Group tops bid for Lorong Puntong site

CHINA-based Nanshan Group has topped the bids for a site off Sin Ming Avenue released by the Urban Redevelopment Authority (URA), beating a field of 17 other bidders.

Nanshan's bid of S$173.57 million for the 10,502.8 sq m site in Lorong Puntong was some 7.2 per cent higher than the second-highest bid from SL Capital Ventures Pte Ltd.

The 99-year leasehold site has a maximum permissible gross floor area of 22,056 sq m.

Other players that took part in the tender included Bo An Investments, which is controlled by Singapore permanent resident Wang Mingsong, said to hail from China; and Cheung Kong Holdings' Best Desire Investments.