Artist’s impression of Paya Lebar Quarter, a $3.3 billion mixed-use development next to Paya Lebar MRT station. Source: Lendlease
UPDATED: Lendlease is set to launch Phase 2 of the 429-unit Park Place Residences at mixed-use development Paya Lebar Quarter (PLQ) on 7 April amid a property market upturn.
At a media briefing on Monday (12 Mar), the Australian-based developer revealed that the final 219 apartments will be released for sale, of which 70 percent are one- and two-bedroom units.
Prices will start from $900,000 for a one-bedroom unit, two-bedders start from $1.15 million, and three-bedders are going from $1.8 million. Average prices are in the range of $1,859 psf for a one-bedder, $1,780 psf for a two-bedder and $1,667 psf for a three-bedder.
Unit sizes at the 99-year leasehold project are from 480 sq ft to 1,350 sq ft.
Tony Lombardo, CEO Asia at Lendlease, said prices will be roughly 5.0 percent higher than during Phase 1. “We feel that the market has moved (upwards),” he said, adding that other similar projects have raised prices as well.
First launched for sale in March 2017, Park Place Residences sold 210 units during the initial phase, or 50 percent of the available units within one day at a median price of $1,805 psf. Around 95 percent of the buyers were Singaporeans and Permanent Residents.
Subsequently, media reports indicated that Lendlease halted sales a day after the launch in anticipation of a market recovery in 2018, a move adopted by several developers in late 2017.
Commenting on the level of interest expected for Phase 2, Lombardo said: “It depends on where the market is and how people feel, but we do know there is pent-up demand.”
He also thinks there will be minimal impact from the recent hike in the top marginal Buyer’s Stamp Duty (BSD) rate for residential properties priced above $1 million from three percent previously to four percent.
“I don’t think (the BSD) will have a massive impact. It will have a bigger impact on higher priced properties. If you look at the $1.15 million two-bedroom units, (the BSD) will be about $1,500,” said Lombardo.
In a statement, Lendlease also announced that PLQ’s 340,000 sq ft retail mall and three Grade A office towers with nearly one million sq ft of workspaces are over 50 percent committed.
A 12-screen Shaw Theatres cinema has just been added to the mall’s list of anchor tenants, which already includes an NTUC FairPrice Finest supermarket and Kopitiam food court.
In addition, end-of-trip facilities and bicycle parking spaces will be incorporated to promote cycling among tenants.
Lendlease and joint venture partner Abu Dhabi Investment Authority paid a whopping $1.67 billion ($943 psf per plot ratio) for the 3.9ha site in 2015.
The $3.3 billion project is scheduled to complete in phases from end 2018. It is directly linked to Paya Lebar MRT station and is expected to transform the area into a vibrant regional hub.