THE Urban Redevelopment Authority (URA) on Tuesday launched the second land parcel in Paya Lebar Central for sale by public tender.
The 3.9 hectare (ha) mixed-use site, which can generate about 165,000 sq m of gross floor area, is slated for office, retail and residential use.
URA said it will be a key development in the Paya Lebar Central, and build upon Paya Lebar Central's transformation into a major commercial centre on the city fringe.
The plot of land is in a precinct which has about 12 hectares (ha) of land for development and a total potential commercial floor space of about 500,000 sq m.
URA said the site at Paya Lebar Road / Sims Avenue next to Paya Lebar Interchange MRT station enjoys direct connection to both the Circle Line and East-West Line stations. It also has excellent frontage along Paya Lebar Road, Sims Avenue, Tanjong Katong Road and Geylang Road.
At least 90,000 sq m of the maximum permissible gross floor area will be set aside for offices; the remaining gross floor area can be for additional office, retail, entertainment, food & beverage (F&B) and residential use, and contribute to the attractiveness of the development as a destination for business and leisure, said the URA.
A tender period will last about 22 weeks, and close at noon on March 31, 2015.
The sale of this site by public tender follows that for a site at Paya Lebar Road / Eunos Road 8, which was launched for tender in late January 2011 for commercial use. It was successfully awarded to the highest tenderer in late April 2011.