Commercial Site in Paya Lebar Central Sold

By The Edge Property / URA, theedgeproperty.com | March 31, 2015 12:00 AM SGT
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A 99-year commercial site at Paya Lebar Road/Sims Avenue closed its tender on 31st March 2015 with a total of 6 bids received. The land parcel was awarded on 1st April 2015 to its highest bidder, Roma Central Pte Ltd, Milano Central Pte Ltd and Verona Central Pte Ltd, at a tendered sale price of $1,671,688,888 or $942.55 psf ppr. All 3 entities are related to Australian developer Lend Lease, the developer of the third biggest retail shopping mall in Singapore, JEM. It has been reported that 30% of the joint venture will be owned by Land Lease whereas the remaining 70% will be owned by Land Lease’s investor partners.
Comprising of 4 plots, 2 land parcels and an underground area and an airspace, the maximum gross floor area (GFA) of the site is 164,794 sqm of which the maximum area for retail usage is capped at 39,000 sqm and at least 90,000 sqm of the gross floor area must be for office use. A maximum of 440 residential units (including Serviced Apartment) are allowed in the development. Strata subdivision for the commercial component is capped at 5 lots for office GFA and 3 lots for the remaining GFA such as retail, F&B etc.
This is the second of the 3 parcels that will be pivoting the development of Paya Lebar Commercial Hub as part of the government’s decentralization strategy to develop commercial hubs at the city fringes. The first land parcel, currently occupied by Paya Lebar Square, was sold under the Government Land Sales (GLS) Programme in April 2011 to a joint venture company comprising Guthrie (PLC) Pte Ltd, Siong Feng Development Ltd and Sun Venture Commercial Pte Ltd. at a tendered price of $585,586,000 or $872.15 psf ppr.
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The Paya Lebar Square comprises 556 office units and 159 retail stalls. The office units were launched for sale in December 2011 and has sold 97% as of April-2014. Based on URA data, the average launch price is $1,777.7 psf. The retail component is retained by the developer and is reportedly 82% leased as of April 2014.
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