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HY Realty, which has the same shareholders as Chinese developer Hao Yuan Investment, won the tender for the land parcel at Dundee Road which drew nine bids.
Its S$483.18 million bid works out to be S$871 per square foot per plot ratio (psf ppr) for the 99-year lease site. It was 8.4 per cent higher than the second highest bid tabled by Allgreen, which priced the site at $804 psf ppr.
The third highest bid came from Hong Leong Holdings' unit Intrepid Investment, City Developments' unit Verwood Holdings, and Hong Realty that put in S$780 psf ppr; Frasers Centrepoint Limited and Keong Hong Construction joined forces with a S$760 psf ppr bid.