Irving Place tender closed

The Urban Redevelopment Authority (URA) has closed the tender for the industrial site at Irving Place after receiving 15 bids in total.

Developer Oxley Vista submitted the highest bid of nearly S$43.4 million.

That translates to about S$3,697 per square metre.

The next highest bid came from Wega Engineering that bade S$41.3 million dollars.

The site was launched for public tender on April 25 on a 60-year lease.

The tender for the site closed on June 22.

The site off Upper Paya Lebar Road has a maximum permissible gross plot ratio of 3.5 and is zoned for Business 1 development.

That means the land parcel can be developed for shop and office uses permitted within the “white” zone, which will be integrated with the industrial development.

URA said it would decide on the winning bidder at a later date.

Source : Channel NewsAsia – 22 Jun 2011

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