A consortium led by UOL Group—the real estate giant controlled by the family of the late banking tycoon Wee Cho Yaw—submitted the highest bid of S$524.3 million ($404 million) for a hotly-contested residential plot on the edge of Singapore’s central business district.

UOL, together with its unit Singapore Land and Kheng Leong Holdings—the Wee family’s privately held property developer—bid against eight other groups, including Malaysian billionaire Quek Leng Chan’s GuocoLand, for the 10,399 square meter site on Dorset........

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