Singapore downtown Marina Bay land attracts $2.6b bid

SINGAPORE - Wealthy Link Pte Ltd has made the highest bid of $2.6 billion to buy land in Singapore's downtown Marina Bay in a tender that attracted seven property developers, the government said on Tuesday.

The price offered by Wealthy Link, part of IOI Properties Group Bhd, is a reflection of the steady restoration of investor confidence in the Singapore office market, Christine Li, director research at real estate services firm Cushman & Wakefield, said.

She said Grade A office market has been down for the past six quarters, but was likely to recover post-2017 when new supply is completed.

Singapore's Urban Redevelopment Authority said in a statement that a decision on the tender award would be taken after all the bids had been evaluated.