The Far East Plaza and the Grand Hyatt hotel on Scotts Road in the Orchard Road area of Singapore, … [+]
Wei Leng Tay/Bloomberg
Far East Organization and Sino Group—both controlled by billionaire brothers Robert and Philip Ng—won the auction for a hotly contested mixed-use commercial and residential site in western Singapore.
The Urban Redevelopment Authority said on Monday it had awarded the 99-year leasehold site at Jalan Anak Bukit in the prime upper Bukit Timah residential district to privately held Far East Organization and its Hong Kong-listed sister company Sino Group.
The partners submitted three different proposals and the highest bid of S$1.03 billion ($766 million) for the 3.22-hectare (32,200-square meter) land parcel, narrowly beating the second-highest bid of S$1.01 billion that was offered by tycoon Cheng Wai Keung’s Wing Tai Holdings and its partner Mercatus Commercial Trust. Allgreen Properties and Kerry…