Macquarie Global Property Advisors, a real estate investment firm partly owned by Australia’s Macquarie Bank, said late on Sept 19 it had submitted the top bid of S$2.02 billion (RM4.61 billion) for a one-hectare plot of land in downtown

The firm’s bid in the government land sale topped a rival offer from a consortium comprising government-owned developer Mapletree and CapitaLand as well as a bid by IOI Group, the city-state’s Urban Redevelopment Authority said in a statement late on Sept 18. Li Hiaw Ho, executive director of CB Richard Ellis Research, said the winning bid translates to about S$1,409 per square foot of built-up area and will yield at least 800,000 square feet of office space. After adding construction costs, fees and interest, the total cost may work out to around S$3 billion, the Business Times newspaper said on Sept 20 citing industry sources. The land plot is located near Singapore’s Marina Bay-the future site of the city-state’s new financial district and a casino – Reuters(20/9/07) 

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