A TENDER for a commercial site at Venture Avenue drew a top bid of $701.1 million in a nine-way battle when it closed today.

The top bid from Sim Lian JV (Vision) was 9 per cent higher than the second highest bid of $643 million from Victory One - a unit of CapitaLand.

Other bidders include a unit of Straits Steamship Land, Harvestland Development, which placed a bid of $634.1 million.

Industry experts said that the keen responses for developers could be a sign of spill-over demand from investors in the residential market.

The plot, located in the heart of Jurong East, is identified to be a key commercial hub in the West, said CBRE Research associate director Desmond Sim.