View of Singapore's Marina Bay.gettyA consortium led by Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi—submitted the top bid of S$2.1 billion ($1.6 billion) for a mixed-use waterfront residential and commercial site in the upscale Bayshore precinct in eastern Singapore.The Frasers Property-led consortium also includes Sunway MCL, the Singapore-based developer controlled by Malaysian billionaire Jeffrey Cheah, Japan’s Sekisui House and Lum Chang Building Contractors. The top bid for the 618,506-square-feet (57,460 square-meter) site on Bayshore Drive, equivalent to S$1,323 per square foot per plot ratio, is about 5.8% above the second-highest bid, which came from a consortium led by billionaire Kwek Leng Beng’s City Developments. A group led by UOL Group—controlled by the family of the late banking and real estate tycoon Wee Cho Yaw—submitted the third-highest bid.“As the only mixed-use development and transit hub of Singapore’s new Bayshore waterfront precinct, this represents a defining opportunity to shape a highly connected, liveable and future‑ready community,” Soon Su Lin, CEO of Frasers Property Singapore said in a statement on Wednesday.Directly connected to the Bedok South MRT station on the Thomson-East Coast Line and a new bus interchange, the 99-year leasehold property is one of the largest sites to be auctioned by the Singapore government. It is the only mixed-use site planned for the Bayshore precinct and is expected to become the area’s main retail, transport and recreation hub. The project could include up to 1,280 high-rise residential units and about 242,000 square feet of commercial space.MORE FOR YOUIf awarded the site, Frasers Property, Sunway MCL, Sekisui House and Lum Chang will jointly develop the residential part, while Frasers Centrepoint Trust, Sunway MCL and Sekisui House will jointly build and own the retail component.“Beyond its scale—accounting for more than a third of Bayshore’s projected 3,000 private homes—the site offers a rare first-mover opportunity to develop the precinct’s first retail mall,” Marcus Chu, CEO of ERA Singapore, said in a research note.The first Bayshore plot, a residential-only site, was sold in March last year to a consortium led by SingHaiyi Group—controlled by tycoon Gordon Tang and his wife, Celina Tang—for S$658.9 million. Located next to Bayshore MRT station, the site is now being developed into the Vela Bay condominium.Charoen and his family are among the wealthiest in Thailand with an estimated fortune of $11.5 billion based on Forbes’ real-time data. Besides his controlling stake in Frasers Property, he also has interests in Chang Beer maker Thai Beverages, packaging company Berli Jucker, Thai property developer Asset World and Thailand’s Big C Supercenter hypermarket chain.While his partner in the consortium, Jeffrey Cheah is the controlling shareholder of Sunway Group, one of Malaysia’s biggest conglomerates with interests in construction, education, healthcare, infrastructure and real estate. With a real-time net worth of $5 billion, he is among the wealthiest in Malaysia.