Lend Lease Offers Record Price for Land

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SINGAPORE-Lend Lease has offered what is being called the highest-ever unit land price for a site in Singapore, with a top bid of S$617.2 million ($391 million). The bid works out to a unit land price of $1,455 per sf ($942) of potential gross floor area, which is higher than was expected and 1.1% higher than the next bidder.

Lend Lease officials say in a statement that they are confident of the fundamentals of the Singapore retail market, which is why it was prepared to bid high for the 99-year leasehold site just above Somerset MRT Station. The proposed 78,702-sf Somerset Central project will be all retail and has a current estimated cost of about $900 million, including the land price.