Tycoon Gordon Tang Makes Top Bid Of $495 Million For Singapore Waterfront Site [Forbes]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Forbes
Sing-Haiyi Garnet—backed by tycoon — submitted the top bid of S$658.9 million ($495 million) for the first residential plot the government auctioned at the Bayshore Road precinct, overlooking the beach along the East Coast Parkway. The government received eight bids for the site, according to the Urban Redevelopment Authority. The other bidders included billionaire Kwek Leng Beng's City Developments and a joint venture between Thai drinks-to-property tycoon 's Frasers Property and its Japanese partner Sekisui House. The competitive auction adds to signs the housing market in the city state is rebounding, with British consultancy Knight Frank noting that this is the first time in recent years that a plot of land had drawn this much interest. PRO
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