SINGAPORE (Thomson Financial) - Macquarie Global Property Advisors unit MGP Berth Pte Ltd has submitted the top bid of 2.02 billion Singapore dollars for a commercial property in Singapore's Marina Bay area auctioned by the government, the Urban Redevelopment Authority (URA) said late Wednesday.
MGP Berth's bid translates to a record price of 1,409 dollars per square foot for the site, which is earmarked predominantly for offices.
A maximum gross floor area of 133,120 square meters can be built on the 10,238-square-meter site. Seventy percent must be for office use, while the rest can be used for hotel and residential purposes.
There were two other bidders for the site. CapitaLand and partner Mapletree Investments made the second-highest bid of 1.84 billion dollars, while Malaysia's IOI Corp Bhd bid 1.62 billion dollars.
URA said it is still evaluating the bids and that the site will be formally awarded to the winning bidder at a later date. The government agency is also auctioning an adjacent site and the tender for this site will close on Nov 13.
(1 US dollar = 1.50 Singapore dollars)
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