Top bid of $463.1m for Prince Charles Cres site lower than expected

SINGAPORE - A tie-up between UOL Venture Investments and Kheng Leong have submitted the highest bid for a land site at Prince Charles Crescent just off the Tanglin area.

Their offer of $463.1 million, or $820.65 per sq ft (psf) of total floor area, came in below analysts' expectations.

Property consultants had predicted bids of about $900 to $1,000 psf based on other recent land sales in the area.

The top bid pipped six others, just edging past the second-highest offer of $440.2 million by a 5-per-cent margin.

The 99-year leasehold site has a land area of 268,713 sq ft and can host a development with up to 564,308 sq ft in total floor area.