Top bid for GLS site with new building rules beats expectations

Singapore

ASSET Legend, believed to be a unit of Li Ka-shing's Cheung Kong Holdings, has put in the highest tender price for the first government land sales site that comes with new buildability and productivity regulations.

According to the Urban Redevelopment Authority's tender results on Thursday, it offered S$276.8 million, or S$848.84 per square foot per plot ratio (psf ppr), for the 99-year leasehold mixed-use site at Upper Serangoon Road.

This is higher than consultants' expectations of S$670-750 psf ppr. It is considered "aggressive" by analysts, who had expected more caution due to the new prefabrication requirements, which is li…