A plum multi-use industrial site near the Tai Seng MRT station has fetched a top bid of $120.1 million from a Mapletree unit in a seven-way contest.

The figure works out to about $271 per sq ft (psf) per plot ratio (ppr) for the 1.18ha land parcel along Tai Seng Street.

The 30-year leasehold site is likely to house industries compatible with food manufacturing.

The tender closed yesterday.

The top offer, made by Mapletree Trustee, was 13.5 per cent higher than the second-highest bid of $238 psf ppr, which was lodged by Ace-Industrial, a Far East Organization unit.

The results were in line with consultants' expectations of five to eight bids and a top offer of between $250 and $300 psf ppr.

However, the bids varied widely. The lowest, which came in at $65 psf ppr, was from Eco-I, a newly minted firm said to be linked to Jian Huang Construction.

SLP International research head Nicholas Mak said yesterday that the plot's connectivity makes it attractive to real estate investment trusts (Reits) and property funds. It is directly connected to the Tai Seng MRT station via a basement walkway.

At least three of the seven bidders are known to be linked to Reits.

One is Mapletree, which owns Reits such as Mapletree Industrial Trust. Another is Soilbuild Group Holdings, which put in a bid of $169 psf ppr. The group listed the Soilbuild Business Space Reit in August. The third is HSBC Institutional Trust Services (Singapore).

What probably adds to the site's popularity is that it is zoned "B2 White", Mr Mak noted. White sites - where multiple uses are permitted - are rare.

About 28.6 per cent of the gross floor area at this site is zoned for "white" use. Mr Mak said this portion is likely to be used for office and retail space.

Separately, a tender for a hotel site in Katong near the junction of East Coast Road and Joo Chiat Road was launched yesterday.

The tender for the 0.8ha site on the Government Land Sales reserve list was triggered earlier this month after a developer agreed to bid at least $160 million for the 99-year leasehold plot.