Whopping $1.4b offer for mixed-use Yishun site
Bid by units of Frasers Centrepoint is 47% higher than next highest offer
A prime mixed-use site in Yishun attracted a remarkable top offer of $1.43 billion yesterday - streets ahead of market expectations.
North Gem Development and FC North Gem Trustee - both units of Frasers Centrepoint - lodged the bumper bid, which translates into a price of $1,077 per sq ft (psf) per plot ratio (ppr).
That easily trumps market expectations of a top offer of between $750 and $850 psf ppr.
It was also a stunning card to play in the bidding war against the other four developers. The bid was 47 per cent higher than the next highest offer of $969.3 million - or $731 psf ppr - from a group comprising Far East Civil Engineering, Far East Orchard and Sekisui House.