Frasers Centrepoint makes highest bid in state land auction in Singapore
Frasers Centrepoint, Fraser and Neave's property arm in Singapore, made the top bid on a government-owned property for a Cecil street commercial site in Singapore. The bid amounting to USD725 million or SGD$924 million is for a commercial site that was offered in a state land auction. Frasers Centrepoint's bid of USD1,112.44 per square foot was 20% above the next highest bid and is projected to cost at least USD2,000 for its improvement, based on the maximum area allowed for development.
According to a report from the Business Times, Frasers Centrepoint's offer on the property is the topmost bid made in a state-owned land sale since March 2011 even though it was consistent with existing market values. Based on the Business Times' report, Mr. Lim Ee Seng, chief executive officer of Frasers Centrepoint Group, was quite content with the offer regardless of the high expense.
Frasers and Neave is one of Asia Pacific's leading consumer groups specializing in the food and beverage, property development, publishing and printing industries.