United Overseas Land and its partner Peak Century have put in the top bid of S$236 million for a residential site at Simei Street 4.
The price works out to about S$296 per square foot per plot ratio. The Urban Redevelopment Authority tender attracted three bids.
The second highest bid of some S$231 million came from Frasers Centrepoint Properties.
NTUC's Choicehomes trailed in at third place with its offer of S$188 million.
Consultant CB Richard Ellis estimates the future condominium project to be built on the site will have a breakeven price of about S$650 per square foot.
It expects the units to sell at between S$700 and S$750 per square foot.
Units in nearby projects, The Modena and Tropical Springs, are selling at between S$550 and S$650 per square foot in the resale market.
Another consultant Knight Frank expects the site to yield about 650 units. - CNA/ms
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