URA rejects lone bid for Paya Lebar site

PropertyGuru

8 November 2011 at 9:19 am

The sole bid for a commercial site at Sims Avenue / Tanjong Katong Road was rejected on Friday by the Urban Redevelopment Authority (URA) as too low, after the tender was closed on 18 October 2011.

A consortium comprising UOL Venture Investments Pte Ltd and S.L. Development Pte Limited offered a joint bid of S$529.26 million, or S$6,089.59 psm of gross floor area (GFA), for the 99-year leasehold land parcel.

"We are very disappointed that the tender has not been awarded," the consortium said.

"We were looking forward to a constructive role in the government's long-term plan to decentralise commercial activities outside of CBD which will help ease business costs, reduce undue congestion and revitalise urban nodes."

Meanwhile, the URA has awarded the tender for a 15-year leasehold site along Mountbatten Road to an individual named Chen Chew Yen.

The bidder offered the highest price of S$15.01 million (S$1,278.64 psm of GFA) for the site in a public tender that closed on 1 November 2011.

Launched for sale on 3 October 2011, the land parcel has a total area of 11,738.7 sq m and a maximum GFA of 11,739 sq m.

To contact the journalist, you may send your message to editor@propertyguru.com.sg

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