Singapore: Paya Lebar central site was sold for a wholly $1.672 billion or $942.55 per square feet with a total of 6 bids. The top bidder is a consortium including Verona Central, Roma Central and Milano Central.
Paya Lebar Central is growing into a business hub for businesses that do not need an address in the Central Business District. Current development at Paya Lebar Central include One KM, Paya Lebar Square, Singapore Post and Lifelong Learning Institute. Once fully development, there will be about 500,000sqm of commercial site for retail shops, offices and residential usage.
There are 2 land plots (Plots 1 & 2) over at Paya Lebar Central linked up via underground pass and also connected to the Paya Lebar MRT Interchange. The current Paya Lebar MRT Station serve the East-West line and circle line. This area is also well connected via major expressways such as Pan Island Expressway (PIE), Nicoll Expressway and Kallang Paya Lebar Expressway (KPE).
The strong bid from developers demostrate their confidence in Singapore commercial market as the bid is not detered by current property market sentiment. This area at Paya Lebar Central is likely to attract Multi National Company (MNCs) and listed companies who possibly like to setup their headquarters here at Paya Lebar.
Paya Lebar Central Site can possibly have about 1.77 million sqft of gross flor area for commercial retail shops, residential and offices use. There will be about 968,000 sqft for offices use with the rest as offices, Food & beverage (F&B) and entertainment etc.
Paya Lebar Central Land Info
Project: Park Place Residences
Location: Paya Lebar Road / Sims Avenue
Tenure: 99 Years
Development Type: Commercial
Site Area: 20,6944.7 metre square (Plot 1), 18,536 metre square (Plot 2), 32881.1 metre square (Plot 3), 1,957.9 metre square (Plot 4)
Maximum Gross Floor Area (GFA): 164,769 metre square