EL Development has placed the top bid of S$314.1 million or S$551.15 per square foot per plot ratio (psf ppr) for a 99-year private condominium site at West Coast Vale.
The state tender attracted six bids.
The second highest bid, from a tie-up involving Hoi Hup Realty, Sunway Developments and Oriental Worldwide Investments, was nearly S$534 psf ppr.
The lowest bid, from a joint venture between Singland Homes and Kheng Leong Company, was S$415.69 psf ppr.
Located along the waterfront of Sungei Pandan, the site can potentially generate an estimated 595 homes.
Future residents will enjoy greenery as the plot is next to the park connector along Sungei Pandan, part of the Southern Ridges Loop linking to Bukit Batok Nature Park and Pandan Reservoir.
The Urban Redevelopment Authority conducted the tender, which closed at noon on Tuesday.