Singapore Land Gets Record S$1 Billion Bid From China Buyers
- Logan Property, Nanshan submit top bid for Stirling Road site
- Price adds to signs housing market is rebounding from slump
Commercial buildings in the central business district stand near Marina Bay in this aerial photograph taken above Singapore, on Thursday, July 2, 2015. Singapore's economy contracted more than analysts predicted last quarter, underscoring the weakening outlook for Asian nations amid sluggish global growth. The local dollar weakened to its lowest level in more than a month.
Photographer: Darren Soh/BloombergA residential plot in Singapore may fetch a record price for a government land sale, with a Chinese consortium putting in the highest bid at S$1 billion ($718 million).
Logan Property (Singapore) Co. and Nanshan Group Singapore Co. submitted the highest bid in the Stirling Road land auction that closed Thursday, according to a statement from the Urban Redevelopment Authority. The winning bid will be decided once the offers have been evaluated.