Stirling Road site nabs record $1b bid from Chinese buyers

Logan Property and Nanshan Group Singapore put in the highest bid.

A report from Bloomberg said residential plot in Singapore may fetch a record price for a government land sale, with a Chinese consortium putting in the highest bid at $1 billion.

Logan Property (Singapore) Co. and Nanshan Group Singapore Co. put in the highest bid in the Stirling Road land auction that closed Thursday, according to a statement from the Urban Redevelopment Authority. The final award of the site will be decided once the bids have been evaluated.

The price for the land would be equivalent to S$1,050 per square foot of gross floor area, translating into the highest absolute price paid for a residential plot, according to Cushman & Wakefield Inc.

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