Property developer GuocoLand on Tuesday said its joint venture won a 99-year leasehold tender for commercial site at Beach Road.
A 70:30 joint venture between GuocoLand and Guoco Group had submitted the highest bid of S$1.622 billion during the tender, reflecting S$1,706 per square foot per plot ratio, Singapore's Urban Redevelopment Authority said in a statement.
Other bidders included Kingsford Hurray Development, a consortium led by OUE and Cheung Kong Holdings-linked Japura Development, which was conducted by the URA.
The two-hectare site can be developed into a maximum gross floor area (GFA) of 950,592 sq ft, of which at least 70 percent must be for office use. The remaining GFA can be used for additional office, retail, commercial school, hotel, serviced apartment or residential uses.
GuocoLand's recent projects include the newly completed integrated development Tanjong Pagar Centre and its latest high-end residential development Martin Modern.
Shares in GuocoLand were down 0.4 percent to S$2.29 on the Singapore Exchange. The stock has risen 27 percent so far this year.