ByJonathan Burgos,
Forbes Staff.
Allgreen Properties—Malaysian billionaire Robert Kuok’s privately held developer—offered the highest bid of S$464.8 million ($358 million) for a hotly contested residential site in Singapore amid a property boom in the city-state.
The 20,294 square meter plot in the eastern Singapore town of Bedok can be developed into a residential condominium with 380 residential units, according to the Urban Redevelopment Authority (URA). With a maximum allowable building height of 12-stories, the 99-year leasehold property can be built up to a gross floor area of 32,470 square meters.
“The site is well-located, just across from Tanah Merah MRT station, offering strong connectivity for future residents,” Justin Quek, deputy group CEO of Realion Group, said by email. The Tanah Merah MRT station is being developed as an interchange that will link the East-West MRT line with the Thomson-East Coast line, enhancing connectivity to the Changi Airport and Changi Business Park, he added.
