The 3.9ha Paya Lebar Quarter site will comprise Grade-A offices, a shopping mall and residential apartments. Source: Lendlease
Australian property developer Lendlease has unveiled plans for its $3.2 billion Paya Lebar Quarter urban regeneration project, which is expected to transform the area around Paya Lebar Central into a regional centre.
The massive 3.9ha site located next to Paya Lebar MRT interchange comprises two adjacent plots of land. It was awarded to a consortium comprising Lendlease and sovereign wealth fund Abu Dhabi Investment Authority in April last year for $1.67 billion ($942.55 psf).
The 99-year leasehold mixed-use development will feature a total of seven buildings, including three Grade-A office towers with a built-up area of close to one million sq ft, a 340,000 sq ft shopping mall which has already secured NTUC FairPrice Finest and Kopitiam as anchor tenants, and a 429-unit residential component called Park Place Residences.
Existing height restrictions due to its proximity to Paya Lebar Airbase means the buildings will only be 13 to 14 storeys tall, said Richard Paine, Managing Director of Paya Lebar Quarter.
He noted that Park Place Residences, which contains one- to three-bedroom units, will be launched in the first half of 2017. No further details were revealed about the units.
About 100,000 sq ft of green spaces and a cycling path will also be incorporated into the project.
Paya Lebar Quarter is expected to be fully completed by the first half of 2019.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
