Mixed-use project close to CBD and airport sees good take-up for residential, shop and office space
The $3.7 billion Paya Lebar Quarter (PLQ) development was officially opened yesterday.
The 4ha project, which comprises retail, office and residential components, is 30 per cent owned by Australian developer Lendlease, with Abu Dhabi’s sovereign wealth fund holding the rest.
Mr Lawrence Wong, the Minister for National Development and Second Minister for Finance, said at the opening ceremony: “All in all it’s a tremendous opportunity for us to reimagine and remake Paya Lebar for the future, even for the next century.”
Mr Bruce Gosper, the Australian High Commissioner to Singapore, noted PLQ’s proximity to the airport and Central Business District (CBD), as well as the mix of residential and office space.
“This project is a great example of what the Singapore Government has been doing with its urban planning,” he added.
Park Place Residences is the residential component. The condominium has 429 units of one-to three-bedroom apartments across three towers. Public amenities such as green spaces and walking paths take up about 100,000 sq ft.
All but one of the 99-year leasehold units have been sold in a two-part staggered sales approach.
Phase 1, comprising half of the apartments, sold out within the day at an average price of $1,805 per sq ft (psf), with Phase 2 following at $1,938 psf.
PLQ Mall had its soft launch on Aug 30. It boasts about 200 shops across six floors, with anchor tenants such as FairPrice Finest, a Virgin Active gym and Shaw Theatres.
Three Grade A office towers make up PLQ Workplace, including a flexible workplace concept called csuites. This caters to enterprises that want co-working spaces and employ smaller teams.
It will accommodate German pharmaceutical and life sciences multinational company Bayer later this year.
About 90 per cent of available office and retail space has been leased or is under final negotiation.
DP Architects oversaw the architectural work for the entire development. The firm was also behind the design of Golden Mile Complex.
Lendlease has been managing Parkway Parade mall since 2000.
This version of article first appeared at The Strait Time, Business.
Photo: Paya Lebar Quarter / Facebook