Gordon Tang bids $495 million for Singapore waterfront site

Tycoon Gordon Tang made the highest bid of S$658.9 million, about $495 million, for a residential site in Singapore. This auction marked the first residential plot sold by the government in the Bayshore Road area, which overlooks the beach. The government received eight bids for this prime location. Notable bidders included billionaire Kwek Leng Beng's City Developments and a partnership between Thai businessman Charoen Sirivadhanabhakdi's Frasers Property and Japan's Sekisui House. Experts from Knight Frank believe this high level of interest shows that Singapore's housing market is recovering. Leonard Tay, a research head at Knight Frank, noted that developers might have been waiting for more attractive opportunities like this one. The Bayshore site can accommodate about 515 homes and is located near the new Bayshore MRT station. With the market's current demand, prices for new homes could start at S$2,700 per square foot, significantly higher than the top bid's offer price of S$1,388 per square foot. Gordon Tang and his wife, Celine, have been increasing their investments in Singapore's real estate sector. Last year, they acquired a stake in the former Temasek Tower in the central business district, where a new skyscraper is under construction, expected to be the tallest building in Singapore once completed in 2028.