Minister for National Development and Second Minister for Finance, Lawrence Wong said that the mixed development is a “tremendous opportunity to reimagine and remake Paya Lebar for the future, even for the next century”. Image source: Park Place Residences
The mixed-use development Paya Lebar Quarter (PLQ) by Lendlease has been officially launched, reported The Business Times.
It is composed of office, retail and residential components branded as PLQ Workplace, PLQ Mall and Park Place Residences, respectively.
PLQ’s total gross floor area is 1.8 million sq ft, with PLQ Workplace covering 900,000 sq ft and PLQ Mall occupying 340,000 sq ft.
Its residential component, Park Place Residences, has three residential towers housing 429 condominium units, with public amenities taking up an additional 100,000 sq ft.
Only a single unit remains unsold, with the rest having been sold under a two-phase staggered scheme. Phase 1 sales, covering half of the total units, sold out at an average price of S$1,805 per sq ft (psf) while Phase 2 sold at S$1,938 psf.
The units came with 99-year leasehold terms and one to three-bedroom configurations.
PLQ Workplace has three Grade A office towers, with PLQ 1 and 2 having office spaces composed of 24,000 to 32,000 sq ft floorplates. PLQ 3 comes with csuites – a flexible workplace concept catering to enterprises seeking co-working spaces and hiring smaller teams.
Office tenants are currently comprised of 18 leading Singapore organisations and multinational corporations, including PropertyGuru, Roche Singapore, Tokyo Electron Singapore and Sabre Asia Pacific.
PLQ Mall comprises 200 shops occupying six floors, with anchor tenants such as KopiTime, a Virgin Active gym, Shaw Theatres and FairPrice Finest.
Around 90 percent of available retail and office spaces have been leased or at least under final negotiations.
“All in all it’s a tremendous opportunity for us to reimagine and remake Paya Lebar for the future, even for the next century,” said Lawrence Wong, Minister for National Development and Second Minister for Finance, during the opening ceremony.
PLQ’s end development value is around S$3.7 billion, with Lendlease owning a 30 percent stake in the property and Abu Dhabi Investment Authority owning the remaining 70 percent.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org