SINGAPORE - A Beach Road site up for commercial development has netted five offers, with the top bid at $1.622 billion, the Urban Redevelopment Authority (URA) said as the tender exercise closed on Thursday (Sept 28).

The heftiest offer, which works out to $1,706 per sq ft (psf) per plot ratio (ppr), came from two GuocoLand units.

Other bids were made by a company linked to Kingsford Development's owner Cui Zhengfeng; OUE subsidiaries; Japura Development, owned by Hong Kong's CK Hutchison Holdings; and three Far East Organisation units.

The two-hectare plot went off the reserve list and up for sale on July 6 after a developer committed to bid at least $1.138 billion, or $1,197 psf ppr, for the 99-year leasehold parcel, which can be developed for office and retail use.

It has a maximum permissible gross floor area of 88,313 sq m and includes the former Beach Road Police Station, which must be conserved and restored by the winning bidder.