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The bid by Sunway MCL and its partner, CSC Land Group, translates to S$1,730 per square foot (US$14,424 per square meter) per plot ratio for the River Valley Green (Parcel C) site.

Their offer pipped the next bid of S$720.7 million submitted by a unit of China Overseas Land & Investment and the third-highest offer, at S$715.9 million, by a consortium comprising Hong Leong Holdings, GuocoLand and TID Residential.

“The price gap between the highest and lowest bid is just 6.4%, which points to a consensus on the value of the site,” noted Mark Yip, CEO of Huttons Asia, as quoted by EdgeProp Singapore.

The 99-year leasehold site covers 123,958 sq ft (11,516 square meters), with a gross floor area of 433,854 sq ft (40,306 square meters). The site is the final residential parcel in the area to be put up for sale by the government.

Situated in the prime District 9, the plot sits next to the Great World MRT Station and Great World mall. It is also close to several schools and entertainment destinations like Robertson Quay, Clarke Quay and the Orchard Road shopping belt.

Nearby residential developments have enjoyed strong take-up rates, according to property consultancy CBRE.

Wing Tai Holdings’ 524-unit River Green is 94% sold. The 706-unit Zyon Grand being developed by Singaporean billionaire Kwek Leng Beng’s City Developments and Japanese developer Mitsui Fudosan has sold 90% of its units.

If awarded the site, Sunway MCL and CSC plan to develop a high-rise residential project with more than 500 units spread across two 36-story towers.

Based on their land bid, real estate agency PropNex estimates that the development could command an average selling price of over S$3,300 psf.

CBRE, meanwhile, expects the project to be launched at an average price of S$3,400-3,500 psf.

Huttons Asia’s Yip told The Business Times: “With the current upward trajectory in Core Central Region (CCR) land prices, future selling prices of CCR homes in 2027 are likely to be calibrated upwards and test the S$3,600 psf level.”

Sunway MCL was formerly known as MCL Land, which Malaysian conglomerate Sunway Group acquired from Hongkong Land for S$739 million and rebranded last year.

Jeffrey Cheah, Sunway’s founder and chairman, has an estimated net worth of US$5.1 billion, making him one of Malaysia’s wealthiest individuals, according to Forbes.

The group has businesses spanning construction, real estate, healthcare, education and infrastructure, and has been expanding its investments in Singapore in recent years.

Earlier this month, Sunway MCL placed the second-highest bid for a 99-year leasehold Peck Hay Road residential site in the city-state’s Newton area. The plot was eventually awarded to a tie-up involving City Developments.