The plot for Midtown Bay was acquired by Guocoland after bidding in the auction organized by the Singapore government for the land for a lease period of 99 years, after paying 1.622 billion Singapore dollars. Since the plot was located in a very prime area of Singapore, a large number of bidders were expected. However there were only a total of five bidders for the mixed development plot. Four of these bidders for Guocoland Midtown Bay Condo were not from Singapore. Some of the more high profile developers in Singapore like Capitaland, Keppel and CDL did not bid for the plot , which most real estate experts did not expect. The Midtown plot was added to the land held by the government for auction in the year 2014.

Midtown Bay Located in Prime Area in Singapore

The bidding for Midtown Bay Guocoland opened in July 6 , and bidders could …