SINGAPORE - A plum residential site in Sturdee Road has beaten market expectations by attracting a top bid $181.2 million in a 16-way fight among developers.

Analysts had expected keen interest from developers for the 65,785 sq ft parcel given its palatable size and location. But top bid in Tuesday's tender exceeded predictions of a winning offer between $138 million to $166 million - or $600 psf (per sq ft) ppr (per plot ratio) to $720 psf ppr.

The top offer was from developer Sustained Land's SL Capital (1), whose bid translates into a price of $787 psf ppr.

That was 7.3 per cent more than the next highest bid submitted by Singland Homes, a unit of Singapore Land, at $733 psf ppr.

Wee Hur Development came in third with a bid of $703 psf ppr.

The 99-year leasehold site is the first of six sites to be sold under the Government Land Sales programme for the first half of the year.

Mr Desmond Sim, research head at CBRE Southeast Asia, noted before the tender closed that the site was within a trendy enclave which is "well-served" by F&B and entertainment outlets.

The site is near City Square Mall and Farrer Park MRT Station, and can be developed into a 30-storey project with 265 homes.