Singapore’s Marina Bay land gets record bid of $2.6 bil from IOI Properties unit

SINGAPORE (Nov 8): The first sale of land in Singapore’s Marina Bay in nine years generated healthy bidding from developers, with a plot in the sought-after financial district attracting a top bid of $2.6 billion.

The offer price, equivalent to $1,689 per square foot of gross floor area, is a record for a Singapore government land sale, exceeding the earlier highest price set in 2007 when the Asia Square Tower 1 site was sold for $1,409 per square foot, according to CBRE Group Inc.

“The top bid is a very bullish call on the Singapore office market,” said Christine Li, director of research at Cushman & Wakefield Inc. in Singapore. “All the bids are higher than the market expectations of between $1.3 billion and $1.8 billion, which is a reflection of the steady restoration of investors’ confidence in the office market.”

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