Its developer, Lendlease yesterday said that it has confidence that the 99-year leasehold development will have a good take-up.
“We believe that the market has a lot of pent-up demand,” said Lendlease chief executive for Asia Mr. Tony Lombardo.
The Paya Lebar Quarter is a $3.2 billion joint development by Abu Dhabi Investment and Lendlease. It comprises of 3 residential blocks, 3 office towers and a mall.
The plan of Lendlease is to sell 40% of the units or 171 units at Park Place Residences on its first release. According to the developer, 1, 2 and 3 bedroom units will be up for selection but it will determine the units it will sell after assessing demand.
(An artist's impression of Park Place Residences)
Mr. Lombardo observed that if demand is overwhelming, the second release may be opened and the launch accelerated. This means that the first buyers will benefit with the first pricing wave while the second wave buyers could get a higher price.
Lendlease believes that value will increase as the whole integrated project is developed, making it possible for the developer to raise the prices of later launches.
There will be 117 units of 1 bedroom at Park Place Residences measuring between 480 to 580 square foot whose prices will start at $780,000.
Two bedroom units will be 234 measuring 650 – 900 sq ft with prices starting at $1 million. The remaining 78 units are 3 bedrooms of between 1080 and 1350 sq ft with prices starting at $1.6 million.
According to Orange Tee, a property consultancy firm, the Park Place Residences price should be at about $1560 to $1610 psf, making it to be the priciest condo this year.
Both the Grandeur Park Residences and The Clement Canopy have average prices of below $1,400 psf.
“The pricing looks reasonable given the location and surrounding amenities, considering that Paya Lebar is set to become a regional centre,” said Wong Xian Yang, Orange Tee head of research.
The launch for sale for Park Place Residences will be on March 25 with marketing being done by ERA Realty Network and Knight Frank.
According to its developer UOL Group, so far, of the 350 units launched since Feb 25, 231 have been sold at The Clement Canopy. The development has 505 units.
Out of the 720 units at The Grandeur Park Residences, 438 units have been sold after its March 4 launch according to CEL Development, its developer.