Sunway MCL—the Singapore-based developer controlled by Malaysian billionaire Jeffrey Cheah—and its partner China’s CSC Land Group placed the highest bid for a prime residential site near the city-state’s main shopping district, amid booming property demand in one of the world’s most expensive real estate markets.

The partners offered S$751 million ($581 million) for a 99-year leasehold residential site at River Valley Green, near the Orchard Road shopping precinct and the Singapore central business district. The bid for the 123,957 square feet (11,516 square-meter) site, equivalent to S$1,730 per square foot per plot ratio, is about 22% premium to the price paid by Malaysian billionaire Quek Leng Chan’s Guocoland in February........

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