Hong Leong Holdings, a property arm of Hong Leong Group Singapore, has agreed to pay S$460 million ($338 million) for a plot in the Bukit Batok Planning Area, Western Singapore, according to a report by real estate portal Mingtiandi.

The firm teamed up with affiliate Hong Realty to buy the 1.43-hectare Hillview Rise site from the city’s Urban Redevelopment Authority (URA) in a tender. Hong Leong beat eight other bidders to seal the deal.

The deal set a new record for price per square metre of gross floor area in Bukit Batok, which is home to the Singapore Zoo and is located northwest of the upscale Bukit Timah area.

The Hillview Rise is approved for construction of up to 40,030 square metres (431,000 square feet) of residential gross floor area, and can be developed into up to 535 housing units.

Hong Leong Holding operates under the Hong Leong Group, a globally diversified conglomerate, with subsidiaries in various sectors including hospitality, financial services and trade.

In the property sector, the Group is represented by its Singapore-listed City Developments Limited (CDL) and privately-held Hong Leong Holdings Limited.

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