KUALA LUMPUR (Sept 15): Eco World Development Group Bhd (KL:ECOWLD) has emerged as the top bidder for a residential site at Lorong Puntong/Sin Ming Avenue in Singapore, with an offer of S$208.1 million (RM667.62 million).

Its wholly owned subsidiary Eco World Development (S) Pte Ltd submitted the highest of seven bids received for the 4,283.4 sq m leasehold site, according to the list of received bids published by Singapore’s Urban Redevelopment Authority (URA) on its website on Tuesday.

Eco World’s bid, equivalent to S$17,350.26 per sq m of gross floor area (GFA), was about 11% higher than the second-highest offer of S$187.33 million submitted jointly by Intrepid Investments Pte Ltd and TID Residential Pte Ltd.

The third-highest bid came from SMCL Oasis Pte Ltd at S$185.38 million, followed by EL Development Pte Ltd at S$182.1 million and JBE Capital Pte Ltd at S$173.29 million.

In a bourse filing, Eco World confirmed that its Singapore subsidiary had submitted the S$208.1 million bid to the URA, which is acting as agent for the Singapore government.

“The decision on the award of the tender will be made after all bids have been evaluated,” Eco World said.

The land, which has a 99-year leasehold tenure, is designated for residential development and has a maximum permissible GFA of 11,994 sq m.

The tender was launched on June 25 and closed on Tuesday.

Shares of Eco World closed up four sen or 2.09% at RM1.95 on Tuesday, giving the group a market capitalisation of RM6.3 billion.