Update: URA awards tender for Paya Lebar Rd/Sims Ave commercial site to 3 companies

The Urban Redevelopment Authority (URA) has awarded the tender for the commercial site at Paya Lebar Road/Sims Avenue to Roma Central, Milano Central, and Verona Central.

The companies submitted the highest bid of S$1.67 billion.

URA's announcement comes after Lend Lease said that it will own 30 per cent of the joint venture for the site. Six bids were received for the site under Singapore's Government Land Sales programme.

With the maximum gross floor area of 164,769 square metres, the tendered price works out to S$10,145.65 per square metre.

The tender for the commercial site was launched on Oct 28, 2014, and closed on March 31, 2015.

The land parcel - comprising a site area of four plots - was offered for sale on a 99-year lease term.