Beach Road commercial site tender closes with five bids and top offer of $1.19 billion

A Beach Road site up for commercial development received the top bid of S$1.622 billion ($1.19 billion) after drawing five offers as the tender exercise closed on Thursday (Sept 28), according to the Urban Redevelopment Authority (URA).

The highest bid which works out to S$1,706 per sq ft plot ratio came from two GuocoLand units, reported The Straits Times.

The other bids for the two-hectare plot came from a company linked to Kingsford Developer’s owner Cui Zhengfeng; OUE subsidiaries; Japura Development, and three Far East Organisation units.

The bid by the GuocoLand-Guoco Group was 3.2 per cent higher than the second-highest bid by Kingsford, said a Business Times report.

The plot was taken off the reserve list and put up for sale on July 6 after a developer committed to bid at least S$1.138 billion for the 99-year leasehold parcel.

Its gross floor area includes the former Beach Road Police Station, which must be conserved and restored by the winning bidder.