Published on Sep 05, 2013 8:04 PM | By Cheryl Ong | The Straits Times

A tender for a mixed-use site at Yishun Central 1 drew a stunning top bid of $1.43 billion when it closed on Thursday.

The winning bid was from North Gem Development and FC North Gem Trustee, units of Frasers Centrepoint. It translates into a price of $1,077 per sq ft (psf) per plot ratio (ppr) and beat four other offers, also from prominent property players here.

The next highest bid, submitted jointly by Far East Civil Engineering, Far East Orchard and Sekisui House, was 47 per cent lower at $969.3 million, or $731 psf ppr.

The Hong Leong Group submitted the third highest bid of $930 million, while the Sim Lian Group put in its bid of $875 million. CapitaLand was the lowest bidder with an offer of $704.5 million.