EIGHT bids have been received at a state tender for a plum 99-year leasehold private residential site along Siglap Road near the junction with East Coast Parkway and in close proximity to the beach.
The highest bid of S$624.18 million or S$858 per square foot per plot ratio (psf ppr), from a consortium comprising Frasers Centrepoint unit FCL Topaz, Sekisui House and KH Capital.
The second highest bid - from a tie-up involving units of Hong Leong Holdings, City Developments and TID Residential - was at S$600.12 million, which works out to nearly S$825 psf ppr.
Allgreen Properties placed the lowest bid of S$477 million or about S$656 psf ppr.
The site is a stone's throw from the future Siglap MRT Station on the Thomson-East Coast Line. The station is slated for completion in 2023.
The 1.9-hectare site is estimated to yield 750 private homes.
The tender was conducted by Urban Redevelopment Authority.