It is the first sale of land in Singapore’s Marina Bay in nine years, and generated healthy bidding from developers, according to Bloomberg.

The winning bid for the land came from Wealthy Link Pte, which priced the 1.1 hectare (2.7 acre) plot at S$18,180 per square metre of gross floor area, Singapore’s Urban Redevelopment Authority said in a statement.

“The top bid is a very bullish call on the Singapore office market,” Bloomberg quoted Christine Li, director of research at Cushman & Wakefield Inc in Singapore as saying.

“All the bids are higher than the market expectations of between S$1.3 billion and SD1.8 billion, which is a reflection of the steady restoration of investors’ confidence in the office market,” she added.

The top bid was 34 per cent higher than the lowest bid, submitted by a consortium led by OUE Ltd, the report said.

The tender follows a slew of commercial property deals in the city.

The plot sits next to Asia Square, which Qatar’s sovereign wealth fund in June agreed to buy from BlackRock Inc. for S$3.4 billion in Singapore’s biggest office transaction, Bloomberg said.

The Central Boulevard development is scheduled to be completed by 2021. That will benefit IOI Properties as there will be a dearth of new office openings from 2019 to 2021  after a flood of supply through 2018, according to Bloomberg.