Paya Lebar is slated for major development as a major commercial hub on the east side. (as opposed to Jurong Lake). Currently URA has launched a 2nd commercial site at Paya Lebar Central for public tender. The 2.07 hectare commercial site can generate a gross floor area (GFA) of about 87,000 square metres. It added that at least 40 per cent of the maximum permissible GFA must be set aside for office use and 15 per cent for hotel use.
The remaining GFA can be for additional office, hotel, retail, entertainment or food & beverage uses.
As the Geylang River flows through the sale site, there are lots of opportunities that the development would be able to integrate the water body into future development and bring life to the riverbanks, by the successful bidder of the site.
The first Paya Lebar commercial site was sold for $872 per square foot per plot ratio (psf ppr), the final done deal price of the first plot was a cool $585.6 million, by a consortium of Low Keng Huat, Guthrie GTS and Sun Venture Commercial. As the tender for the 2nd plot has just been launched and will close on the 18th of October.