Two Singapore properties sell for $368m

In separate deals, a development site and a stake in an office building in Singapore were sold for a total sales price of S$494.74 million ($367.56 million).

Joint venture developer partners Evia Real Estate, UE E&C and Malaysia-based Gamuda acquired the development site located at Lor 4 Toa Payoh for S$345.8 million ($256.1 million).

The site attracted strong interest from developers with 14 bids in total. The strong demand was “unsurprising” given the site’s location within a well-established mature estate with very few private residential projects, according to a Channel NewsAsia article.

The top bid was only 1.1 percent higher than the second-highest bid of S$342.1 million. This was the closest gap seen since