31 May 2011
URA releases the second land parcel in Paya Lebar Central for sale on the Reserve List
The Urban Redevelopment Authority (URA) released the detailed sales conditions for the commercial site at Sims Avenue/Tanjong Katong Road. This is the second land parcel to be made available for sale in Paya Lebar Central1.
Paya Lebar Central
Located at the fringe of the city centre, Paya Lebar Central is envisaged to be a bustling commercial centre, with a mix of office, retail, hotel developments and attractive public spaces. The precinct has in total about 12 hectares of land available for development and a potential commercial floor space of more than 500,000 sq m. Paya Lebar Central has the potential to be a sizeable fringe commercial centre, catering to businesses that do not need to be located within the CBD. An artist impression of the Paya Lebar Central is provided in Annex 1.
Land Parcel at Sims Avenue/Tanjong Katong Road
The land parcel at Sims Avenue/Tanjong Katong Road is located next to Paya Lebar Interchange MRT Station and has excellent frontage along Paya Lebar Road, Sims Avenue, Tanjong Katong Road and Geylang Road. The sale of the site will continue the development momentum of transforming Paya Lebar Central into a major commercial centre located at the fringe of city centre.
The 2.07 ha site, which can generate about 87,000 sqm of GFA, is envisioned to be good-quality mixed-use development comprising office, hotel and retail uses. At least 40% and 15% of the maximum permissible GFA of the proposed development on the subject site will be set aside for office and hotel use respectively. The remaining GFA can be for additional office, hotel, retail, entertainment or food & beverage uses so as to help build up the critical mass of activities that will anchor Paya Lebar Central as a prominent commercial hub.
A section of Geylang River flows through the sale site and provides an opportunity for the successful tenderer to integrate the water body into the future development and bring life to the riverbanks. The developer is encouraged to transform the river into a clean, dynamic and aesthetically pleasing waterway as part of the implementation of PUB’s Active, Beautiful, Clean Waters (ABC Waters) Programme. Recreational facilities and communal spaces such as boardwalks, promenades and bridges can be built over the waterway or along the landscaped river banks to enhance the attractiveness and uniqueness of the proposed development. An artist impression of the waterway, integrated with the development, is provided in Annex 2.
The details of the land parcel and the location plan are provided in Annex 3 and Annex 4 respectively. More details of the site are available on the URA website: http://www.ura.gov.sg/sales/SimsAveTgKg/MA/SimsAveTgKg-intro(MA).html.
Under the Government’s Reserve List system, the land parcel at Sims Avenue / Tanjong Katong Road will be released for sale if the criteria for the triggering of the site are met2. When the site is put up for tender, a tender period of about 8 weeks will be allowed before tender closes.
- The first sale site in at Paya Lebar Road/Eunos Road 8 was launched for tender on 27 January 2011 for commercial use and was successfully sold to the highest tenderer on 27 Apr 2011.
- The Government will put up a Reserve List site for public tender if it receives an application from a developer who commits, by signing an agreement and paying a deposit of 3% of the bid price, to bid for the site at or above the minimum price which is acceptable to the Government. The Government will also consider launching a Reserve List site for sale if it receives sufficient market interest for the site. A site is deemed to have received sufficient market interest if more than one unrelated party submit minimum prices that are close to the Government’s Reserve Price for the site within a reasonable period.