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Upper Paya Lebar Road condo site draws top bid of $392.3 million from UOL

Published on Jan 14, 2014 6:16 PM

A 99-year leasehold site in Upper Paya Lebar Road drew seven bids in a closely-fought tender that closed on Tuesday.

The top bid from UOL Overseas Investments - a unit of the UOL Group - came in at $392.3 million, or $648.30 per square foot (psf) per plot ratio (ppr).

This was just 3.2 per cent higher than the next highest bid of $378.3 million, or $625.20 psf ppr, by EL Development.

Consultants expected the site to garner a winning bid of $470 to $750 psf ppr, with five to 10 bids lodged, when it was put on the market on Nov 18.

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