Singapore Rejects Bid for Business District Over Low Price
The central business district in Singapore.
Photographer: Ore Huiying/BloombergThis article is for subscribers only.
Singapore rejected a bid by a group of top property firms to develop a new business district in the island’s west, after judging the price offered by it to be unattractive.
The Urban Redevelopment Authority rebuffed the S$6,889 ($5,309) a-square-meter gross-floor-area price offered by the consortium to develop a 6.5 hectare site in the Jurong Lake District as it was “assessed to be too low,” according to a statement on Friday. The offer was shortlisted from two proposals submitted by the same group of developers.