A COMMERCIAL site between Cecil and Telok Ayer streets pulled in four bids when the tender closed on Thursday, with the top bid exceeding market expectations.

FC Commercial Trustee, a unit of Frasers Centrepoint, lodged the top bid of $924 million, or $1,112 per sq ft (psf) per plot ratio (ppr) for the 99-year leasehold commercial site.

This was 19 per cent above Far East Organisation's bid of $777.8 million - or $936 psf ppr.

Other bids for the 7,603 sq m plot include a $748 million bid lodged by Mapletree Investments, and a joint bid of $707 million from two private individuals.

The winning bid was well above market expectations, as industry experts had tipped for it to fall within the range of $830 to $960 psf ppr when the site was put up for sale in June.

"The top bid of $1,112 psf ppr reflects expectations of a stronger recovery in the office property market which is currently stable with moderate demand," said Jones Lang LaSalle Singapore research director Ong Teck Hui.

Frasers Centrepoint said on Thursday that it plans to build a high rise office building incorporating the latest office features.

The site, which is restricted from strata-subdivision for sale, can accomodate an office block of up to 50 storeys with a direct connection to Tanjong Pagar MRT station.