Frasers Centrepoint unit bids $924 million for commercial site at Cecil Street
A COMMERCIAL site between Cecil and Telok Ayer streets pulled in four bids when the tender closed on Thursday, with the top bid exceeding market expectations.
FC Commercial Trustee, a unit of Frasers Centrepoint, lodged the top bid of $924 million, or $1,112 per sq ft (psf) per plot ratio (ppr) for the 99-year leasehold commercial site.
This was 19 per cent above Far East Organisation's bid of $777.8 million - or $936 psf ppr.
Other bids for the 7,603 sq m plot include a $748 million bid lodged by Mapletree Investments, and a joint bid of $707 million from two private individuals.