A mixed-use site at Paya Lebar/Sims Avenue has been awarded to a consortium of which Australian developer Lend Lease holds a 30 percent share, revealed the Urban Redevelopment Authority (URA).
The joint venture partners submitted the highest bid of $1.67 billion in the tender exercise which translates to $942.55 psf, earlier reports said. Read more > $1.67 billion top bid for Paya Lebar site
The 222,756 sq ft site next to Paya Lebar Interchange MRT station could generate 1.77 million sq ft of gross floor area (GFA) for office, retail and residential purposes.
At least 968,000 sq ft of the GFA will be set aside for office use.
The tender for the 99-year leasehold site closed on Tuesday after attracting six bids.
Mixed-use site at Paya Lebar Road/Sims Avenue.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
