URA releases second land parcel in Paya Lebar for sale by tender

The Urban Redevelopment Authority (URA) on Tuesday (Oct 28) announced in a media release that a second land parcel in Paya Lebar Central has been launched for sale by public tender. In Jan 2011, the first sale site was launched for tender for commercial use.

With a 99-year lease period, URA said the 39,000sqm site located next to Paya Lebar Interchange MRT station will be an accessible location for businesses that prefer to be located outside the Central Business District (CBD). It is envisioned to be a mixed-use development comprising office, retail and residential uses, but hotel use is not allowed, said URA.

Other new developments in the area include commercial property Paya Lebar Square, shopping mall One KM and the Workforce Development Agency’s new Lifelong Learning Institute.

CBRE Research Head in Southeast Asia Desmond Sim commented on the release: “It is a highly anticipated plot as it is yet another step in the Government’s plan to provide a viable alternative to the CBD commercial market, helping occupiers manage costs and bring jobs closer to homes.”

“Decentralisation has been relatively successful in Singapore, case in point where The Metropolis has been able to attract multinational corporates to establish their regional headquarters in Buona Vista,” added Mr Sim. “In terms of attributes, the Paya Lebar site is quite similar to Buona Vista and it is expected to draw a high level of interest from developers.”

According to URA, the tender period for the land parcel will last for about 22 weeks until Mar 31 at 12pm next year. Selection of the successful tenderer will be based on the tendered land price only, it added.

Source : Channel NewsAsia – 28 Oct 2014

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