Property firm Mapletree Investments plans to build a $250 million industrial facility with office and retail space in Paya Lebar, it said on Friday.

This will be on a plum multi-use industrial site in the Paya Lebar iPark, which is a 15ha industrial park near Tai Seng MRT.

The plot is zoned as a Business 2-white site. White sites - where multiple uses are permitted - are rare.

It has a maximum gross floor area of 443,796 sq ft, of which about 28.6 per cent is zoned for "white" use.

It is also the only site at Paya Lebar iPark that will be connected directly at the basement level to the Tai Seng MRT station.

Mapletree said the development's retail component would be located along Upper Paya Lebar Road and offer more than 60,000 sq ft of retail space to tenants such as food and bevereage outlets and childcare services.

The firm paid $120.1 million for the land parcel, which works out to about $271 per sq ft per plot ratio.

The project is expected to be completed in the first half of 2016.