(For more retail coverage, click GlobeSt.com/RETAIL.)
SINGAPORE-Lend Lease has offered what is being called thehighest-ever unit land price for a site in Singapore, with a topbid of S$617.2 million ($391 million). The bid works out to a unitland price of $1,455 per sf ($942) of potential gross floor area,which is higher than was expected and 1.1% higher than the nextbidder.
Lend Lease officials say in a statement that they are confidentof the fundamentals of the Singapore retail market, which is why itwas prepared to bid high for the 99-year leasehold site just aboveSomerset MRT Station. The proposed 78,702-sf Somerset Centralproject will be all retail and has a current estimated cost ofabout $900 million, including the land price.
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