Chi­nese con­sor­tium of­fers S$1b for res­i­den­tial plot in Ster­ling Road

New Straits Times - - Business -


ARESIDENTIAL plot, here, may fetch a record price for a gov­ern­ment land sale, with a Chi­nese con­sor­tium putting in the high­est bid at S$1 bil­lion (RM3.1 bil­lion).

Logan Property (Sin­ga­pore) Co and Nan­shan Group Sin­ga­pore Co sub­mit­ted the high­est bid in the Stir­ling Road land auc­tion that closed on Thurs­day, ac­cord­ing to a state­ment from the Ur­ban Re­de­vel­op­ment Au­thor­ity (URA). The win­ning bid will be de­cided once the of­fers have been eval­u­ated.

The price would be equiv­a­lent to S$1,050 per square foot of gross floor area, trans­lat­ing into the high­est ab­so­lute price paid for a res­i­den­tial plot, ac­cord­ing to Cush­man & Wakefield Inc.

The plot can house about 1,110 units, ac­cord­ing to URA es­ti­mates.

“It’s the first time for a pure res­i­den­tial site to cross the S$1


The Myeong­dong shop­ping district in Seoul. The Seoul Metropoli­tan Gov­ern­ment’s Seoullo 7017 walk­way con­nects to To­e­gye-ro to­wards Myeong­dong in the east of the city.

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