The Urban Redevelopment Authority (URA) has awarded the tender for the industrial site at Irving Place to developer Oxley Vista.
The company submitted the highest bid of nearly S$43.4 million.
That translates to about S$3,697 per square metre.
There were 15 bids for the site off Upper Paya Lebar Road.
Launched for sale on 25 April 2011, the 60-year leasehold site has a total area of 3,353 square metres and a maximum permissible gross plot ratio of 3.5.
The plot is zoned for “Business 1 – White” development. This means that part of the maximum GFA (gross floor area) can be used for shops and offices.
URA further stipulates that “Business 1” uses must achieve a minimum gross plot ratio of 2.5 before the “White” uses are allowed.
Source : Channel NewsAsia – 28 Jun 2011