Lend Lease top bidder for Paya Lebar Central site

Six bids have been received for a 99-year leasehold mixed-use site in Paya Lebar Central. The top bid of S$1.67 billion or S$942.56 per square foot per plot ratio (psf ppr) came from entities linked to Australia's Lend Lease group.

A consortium comprising Keppel Land; Li Ka-shing's Cheung Kong Holdings/Hutchison Whampoa; and Singapore Press Holdings was the second highest bidder. It offered nearly S$1.54 billion or S$866.56 psf ppr for the site.

The lowest bidder, a unit of Ho Bee Land, offered S$889.18 million or S$501.35 psf ppr for the site.

The tender for the site, conducted by Urban Redevelopment Authority (URA), closed on March 31.

Nearly 55 per cent of the project's maximum gross floor area (GFA) of about 1.77 million square feet has to be for office use. The rest of the space can be for additional office, retail, entertainment, F&B and residential uses. Hotel use is not allowed.

URA has limited the number of strata lots to just five for the entire office component of at least 968,751 sq ft GFA.

For the retail and activity-generating uses, not more than three strata lots will be allowed. The residential component can comprise up to 440 individually strata titled units.