A 99-year leasehold site in Upper Paya Lebar Road drew seven bids in a closely-fought tender that closed on Tuesday.
The top bid from UOL Overseas Investments - a unit of the UOL Group - came in at $392.3 million, or $648.30 per square foot (psf) per plot ratio (ppr).
This was just 3.2 per cent higher than the next highest bid of $378.3 million, or $625.20 psf ppr, by EL Development.
Consultants expected the site to garner a winning bid of $470 to $750 psf ppr, with five to 10 bids lodged, when it was put on the market on Nov 18.
The 216,113.3 sq ft site is able to yield 670 units, according to the Urban Redevelopment Authority.