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(SINGAPORE) The collective sale of the freehold Lucky Tower in Grange Road closed yesterday, attracting a handful of bids, the highest of which is said to have met the asking price of $380 million.

Some industry observers tipped City Developments as the top bidder. The listed property group developed the award-winning Spring Grove condo next door and owns the Kim Lin Mansion site across the road.

Newman & Goh, the marketing agent for Lucky Tower, declined to comment but confirmed the $380 million asking price has been met.

This works out to $1,126 per square foot of potential gross floor area inclusive of an estimated development charge of $20.25 million.

BT understands that the top bid came with conditions, but the other bids are within close range of one another. In such circumstances, the bidders may be invited to adjust their offers, and it remains to be seen who eventually clinches the site.

Market sources say that Far East Organization also bid for Lucky Tower. It owns a penthouse and the mini-mart in the development and has consented to the estate's collective sale.

Lucky Towers has a land area of 169,188 sq ft and a 2.1 plot ratio - the ratio of potential maximum gross floor area to land area. The site can be redeveloped into a new 24-storey condo with about 175 units averaging 2,000 sq ft.

The existing development has 91 units including the mini-mart. Owners controlling about 84 per cent of share values have consented to the sale.