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Chinese Developers Place Record S$1b Bid for Singapore Condo Site

The bid by the mainland joint venture was the first time that a land tender had exceeded S$1 billion in the city, and surpassed a twenty-year-old record by more than 32 percent. The next highest bidder, Hongkong Land affiliate MCL Land tendered S$926 million, more than eight percent less than the mainland offer. The bid by the mainland joint venture was the first time that a land tender had exceeded S$1 billion in the city, and surpassed a twenty-year-old record by more than 32 percent. The next highest bidder, Hongkong Land affiliate MCL Land tendered S$926 million, more than eight percent less than the mainland offer. Photo: Logan

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While mainland developers bought up 29 percent of new land sold for development in Hong Kong during 2015 and 2016, and have become a growing force in that city’s real estate market, only one other known mainland developer bid on the Singapore site apart from the top-placing JV. Transplanted Shenyang builder Kingsford Development, which has been active in the island nation for some time, offered S$877 million for the site.

 

klonopin vs xanax vs ativan vs valium chart Did Local Players Miss Out?

 

While the mainland joint venture placed the headline bid, the majority of offers for the 21,109 square metre site came from familiar Singaporean faces.

 

Units of Singapore-listed developers Frasers Centrepoint, Oxley Holdings, City Developments Ltd, OUE, UOL and Tanglin Land were all among the companies making offers for the site.

 

 

 

 

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