Oxley Vista wins tender for Irving Place industrial site

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

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