Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi—and its joint venture partner Japan’s Mitsubishi Estate submitted the highest offer of S$610.8 million ($479 million) to develop a rare riverfront residential site in Singapore amid the city state’s property boom.About 470 homes can be built on the 11,456.3 square meter (123,315 square feet) plot along the Kallang River, overlooking the iconic Singapore National Stadium. The 99-year leasehold site is the first government land sale in the Boon Keng, Kallang Bahru and Kampong Bugis precincts in 12 years, indicating the limited supply of new private housing within the area.“We are pleased to be the top bidder for the Kallang Close site, which enjoys great connectivity to the city centre,” Soon Su Lin, CEO at Frasers Property’s Singapore unit, says in a statement. “This presents a rare opportunity to deliver a top-quality waterfront residential development with a first-mover advantage.”The Kallang property purchase follows Frasers Property’s $310 million acquisition in February for part of its prime Singapore shopping mall complex The Centrepoint in the Orchard Road precinct paving way for the property’s future redevelopment.The consortium’s Kallang offer translates to S$1,415 a square foot per plot ratio, higher than the bids submitted by billionaire Kwek Leng Beng’s City Developments and two other bidders.

Developers are seeking to replenish their landbank to tap into resilient residential demand in the city-state, one of the world’s most expensive real estate markets.

“The healthy response to the tender was not surprising,” Justin Quek, Deputy Group CEO of Realion Group, said in an emailed statement. “The future development here will enjoy waterfront living close to Kallang and Bendemeer MRT stations. Moreover, the site’s appeal is strengthened by its potential to be one of the first residential sites introduced as part of the revitalisation of the area along the Kallang River.”

The development will be the first to benefit from the long-term transformation of the nearby Kampong Bugis and Kallang Alive precincts, as well as the rejuvenation of the Kallang River corridor into a lifestyle destination, according to Soon. The property will have a childcare center and publicly accessible features, including a riverfront promenade, she said.A short walk from two MRT stations, the site has easy access to the rest of the island. The area has extensive bus services and strong road connectivity to the central business district and the Orchard Road shopping belt.

Charoen and his family are among the wealthiest in Thailand with an estimated fortune of $11 billion based on Forbes’ real-time data. Besides his controlling stake in Frasers Property, he also has interests in Chang Beer maker Thai Beverages, packaging company Berli Jucker and Thai property developer Asset World.

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