GuocoLand-Guoco Group JV submits top bid of $1.62 bil for Beach Road Police Station site

SINGAPORE (Sept 28): A GuocoLand and Guoco Group joint venture has put in the top bid of $1.622 billion, or $1,706 per square foot per plot ratio (psf ppr), for the 99-year leasehold commercial site at the former Beach Road Police Station.

The site received five bids before its tender closed on Thursday. The other bidders were Kingsford Hurray Development which put in a $1.57 billion bid; Anise Link, which put in a bid of $1.45 billion; Japura Development which put in a $1.40 billion bid and Far East Organization which entered the lowest bid of $1.29 billion.

The 2ha site can be developed into a maximum gross floor area (GFA) of 950,592 sf, of which at least 70% must be reserved for office use. The remaining GFA can be used for additional office, retail (subject to a maximum GFA of 32,292 sf), commercial school, hotel, serviced apartment or residential uses.

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