Paya Lebar Quarter
Paya Lebar, the commercial hub of Singapore is transforming fast to become a ‘regional business hub’ of the city. Over the past few years this place has undergone dramatic transformations. The URA plans to provide greater opportunities to the people pretty close to their homes. This upcoming project will not only enhance the place with its development but also promises to become the main point for gatherings for people coming here and will revive life at the riverbanks of Geylang River. Besides this advantage of the place, there are other advantages like its connectivity with expressways and roads namely Changi Road, Paya Lebar Road & Sims Ave.
Citing the potential of this place, a grand project costing $3.2 billion is on the way to make dramatic changes near the Paya Lebar MRT Station. This project aims at making retail shops, three office towers and private housing which will have three blocks.
These changes are definitely going to change the look of the place.
Paya Lebar has Ground Floor Area of around 1.8 million sq ft. 55% of which will be occupied by the three office blocks. Developer Lendlease, who is the site developer of this vast project, revealed that talks for leasing the space are going on with multinationals. Around 10,000 workers will be housed here in various outlets.
Mr. Richard Paine, M.D of Paya Lebar Quarter revealed that the project will develop on 3.9 ha land. Detailing further on this he said the retail mall will have about 200 stores & cinema over 7 floors. 30% tenants would be operators for beverage & food. Two tenants for the same have already been announced. Over 22,000 sq ft will be occupied by super mart NTUC FairPrice Finest and 15,000 sq ft space by Food Court Kopitiam.
It is expected that the retail & office space will be complete in second half of 2018. Whereas the residential blocks named as ‘Park Place residences’, comprising of 429 units of 1 to 3 BHK apartments will get completed within the 2019 half year. This block will comprise of 17 storey buildings out of which 4 floors are reserved for car park. Leading to the developer’s first project on residency. According to him the apartments will be on sale from the coming year without any hassle. This residency will be marketing the apartments more to the natives.
Different prices have been marked by property advisors for these apartments. Like the chief executive of International property advisor Ku Swee Yong has estimated it to be between $1500 – $1700 psf for smaller units. Whereas, the research director of Cushman & Wakefield, ‘Christine Li ‘estimated the average to be around $1400 psf.
The public space will cover around 100,000 sq ft including a cycling path. There will be other facilities too like parking for bicycles & other mobility devices, changing room, lockers & showers.
Overall, this project will not only bring in more MNCs to Singapore but will also provide greater opportunities to people.
Refer to the link below for more info,
New Launch Condo near to Paya Lebar Quarter
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