A consortium led by Frasers Property submitted the top bid of $1.6 billion for a prime waterfront development site in Singapore. The group is backed by Thai billionaire Charoen Sirivadhanabhakdi.

The bid represents one of the larger land acquisitions in Singapore this year. Frasers Property competed against other developers for the site, which offers direct water frontage in the city-state.

Charoen Sirivadhanabhakdi controls Frasers Property through his Thai Beverage empire. The billionaire has expanded his Singapore property holdings over the past decade, building a portfolio that spans residential, commercial and hospitality assets.

The waterfront parcel attracted multiple bids from developers seeking exposure to Singapore's limited supply of prime land. The government releases sites for tender periodically to manage development activity and housing supply.

Frasers Property has developed several large-scale mixed-use projects across Singapore. The firm maintains operations in Thailand, Australia, Europe and China in addition to its Singapore base.

The consortium structure allows Frasers to share capital commitments and development risk with partners. Large land bids in Singapore typically involve joint ventures among developers, particularly when site values exceed $1 billion.

The winning bidder will need to meet government planning requirements and development timelines for the site. Singapore enforces strict completion schedules to prevent land banking and ensure supply reaches the market.