Malaysia's Eco World sets top bid of $163M for Singapore housing site
Malaysian property developer Eco World Development has submitted the highest bid of S$208.1 million (US$163.4 million) for a residential site in Singapore.
Malaysia's Eco World has set a record-breaking bid of $163 million for a housing site in central Singapore. The bid, which works out to $1,612 per square foot, was significantly higher than the next highest offer of $187.33 million. The plot, located near Bright Hill MRT Station and several schools, has a maximum gross floor area of 11,994 square meters and is estimated to generate 140 housing units.
The top bid exceeded analysts' forecasts and marked a new record for a 99-year government land sale site in the city fringe. Eco World, a Malaysian developer with a landbank of 12,280 acres, saw its shares close up 2.09% on the day of the tender. The future development on the site is expected to launch at prices starting from $3,000 per square foot.
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