Sims Avenue site tender closes

The tender of a commercial site at Sims Avenue / Tanjong Katong Road closed on Tuesday with only one bid – a joint tender by UOL Group and Singapore Land for S$529 million.

The 99-year lease site was launched by the Urban Redevelopment Authority (URA) on July 26 and has a maximum permissible gross floor area of 86,918 square metres.

The tender price translates to about S$565.74 psf of gross floor area (GFA), said Nicholas Mak, executive director of the Research & Consultancy Department at SLP International Property Consultants.

He also noted that the land rate is 35 per cent lower compared to another commercial site at Paya Lebar Central awarded in April.

Meanwhile, UOL Group President (Property) Mr Liam Wee Sin said the company plans to develop a retail mall with an office tower and a hotel component in the project.

He added: “We see the long term potential of the proposed Paya Lebar commercial hub, which is in line with the government’s plans to decentralise business activities out of the Central Business District.”

URA said it will evaluate the bid and will announce the tender award at a later date.

Source : Channel NewsAsia – 18 Oct 2011

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