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Economy

Record bid for Singapore land adds to office-market momentum

Prime rents expected to rise 16% in the next three years, says Knight Frank

SINGAPORE (Nikkei Markets) -- The revival in Singapore's office market gained further momentum after a government land tender resulted in a record bid, adding to the slew of positive news that has drawn attention to the city-state's developers and real estate investment trusts.

Companies linked to GuocoLand on Thursday submitted a top bid of 1.622 billion Singapore dollars ($1.19 billion) for a 2.1-hectare commercial site on Beach Road, which lies at the fringe of the central business district. The Urban Redevelopment Authority, which managed the sale, said the top bid was submitted by two companies, GLL Prosper and GLL Thrive. Both are associated with GuocoLand, which is listed in Singapore but controlled by Malaysia's Hong Leong Group.

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