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Singapore's F&N unit makes top bid in state land sale
August 16, 2013 / 12:21 AM / 4 years ago

Singapore's F&N unit makes top bid in state land sale

SINGAPORE (Reuters) - The property arm of Singapore’s Fraser and Neave (FRNM.SI) put in the top bid of S$924 million ($725 million) for a commercial site at a government land sale, the highest amount offered for state land since May 2011, the Business Times newspaper reported on Friday.

The bid by F&N unit Frasers Centrepoint works out to S$1,112.44 per square foot based on the maximum amount of built-up space permitted, which means the breakeven cost for the development is likely to be around S$2,000 per square foot.

The price offered by Frasers Centrepoint at the sale on Thursday is in line with current market prices.

Business Times quoted Frasers Centrepoint Group CEO Lim Ee Seng as saying he was comfortable with the bid, although it was nearly 20 percent above the next highest bid.

($1 = 1.2744 Singapore dollars)

Reporting by Kevin Lim; Editing by Paul Tait

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