Details have emerged about the gigantic $3.2 billion mixed development meant to transform the area neighboring Paya Lebar MRT station.
Paya Lebar Quarter will be a mega project with office space, private housing, and shops occupying 7 buildings n a space equivalent to 8 football fields.
Lendlease, the developer disclosed the details of the development’s 3 residential blocks, 3 office towers and the huge retail mall on October 17.
The project dubbed urban-regeneration project and that will connect to Paya Lebar MRT will convert the area to become a city precinct that is pedestrian friendly and vibrant.
The total gross floor area of Paya Lebar Quarter is approximately 1.8m square foot with the office blocks taking 55% of the space.
Grade A office space of 1 million sq ft will be distributed across one tower with 13 storeys and two towers with 14 storeys each, and thereby providing large floor area for clients who need a lot of office space.
“Talks with large multinationals about leasing the space are underway and it is expected to house approximately 10,000 employees, “said Lendlease.
Although the economic outlook is weak, Lendlease is optimistic concerning interest and leasing activity in the development.
The Paya Lebar Quarter managing director, Richard Paine thinks that the development will be greatly sought due to its closeness to essentials. It is well-connected to public transport, schools are close by and nearby there is a workforce that may lease it.
The project will occupy 2 plots of 3.9ha. In one plot there will be 2 office blocks and a retail mall while the other plot will hold an office block and 3 condo blocks.
The retail mall of 340,000 sq ft will have cinemas and 200 stores with 30% being F&B operators. The first 2 anchor tenants will be food court Kopitiam and NTUC FairPrice.
This is the fourth mall by Lendlease. Others include Orchard Road’s 313 @ Somerset, Jurong’s Jem and East Coast’s Parkway Parade.
Paya Lebar Quarter Residential
The retail and office area are scheduled for completion in H2 2018 while the Park Place Residences with its 429 units of 1 to 3 bedrooms is scheduled for completion in H1 2019.
We are optimistic since the area has had few launches. A lot of marketing of Park Place Residences will be done in Singapore.
Market watchers have estimated the medium price to be between $1400 to $1700 psf.
Public space of approximately 100,000 sq ft was set aside and a cycling path included. There will also be end-of-trip amenities such as bicycle parking space shower facilities, changing room and lockers.