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.
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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.