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The site is close to a set of three parks in central Singapore
A real estate developer controlled by the family behind United Overseas Bank has placed the top bid for a residential site overlooking a set of parks in central Singapore, edging out 14 other contestants including a joint offer by City Developments Ltd and a unit of Hongkong Land, according to an official announcement.
UOL Group Ltd joined with its subsidiary, Singapore Land Group Ltd and Kheng Leong Company, a private real estate business of UOL Group chairman Wee Cho Yaw, to offer S$381.4 million ($287 million) for the rights to a 31,699 square metre (341,205 square foot) project along Ang Mo Kio Avenue 1 near the Mayflower MRT station, which is slated to open later this year.
Singapore Property Tycoons Bet Big On Housing As Demand Heats Up forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.