Lendlease unveils plans for Paya Lebar Quarter mixed development
An artist's impression of Paya Lebar Quarter. PHOTO: LENDLEASE
SINGAPORE - The massive upcoming mixed development in Paya Lebar Central will comprise seven buildings on a 3.9-hectare site.
Its developer Lendlease on Monday unveiled detailed plans for the S$3.2 billion project - Paya Lebar Quarter - which will feature a retail mall, three office towers and three private residential blocks.
Lendlease said the development will transform the Paya Lebar area into a "vibrant, pedestrian-friendly city precinct".
There will be over 200 stores and entertainment options across the seven-storey mall, with about 30 per cent of the tenants being food and beverage operators.
Lendlease said the first two anchor tenants to sign up at Paya Lebar Quarter are supermart NTUC Fairprice Finest, which will occupy 22,000 sq ft of space, and foodcourt Kopitiam, which will take up 15,000 sq ft of space.
The development will also have about one million sq ft of Grade A office space across three 13- to 14-storey blocks, which will be home to some 10,000 workers.
Lendlease said it is in talks with large multinational corporations for the leasing of office space at the project.
The office and retail components of the development are expected to be completed in the second half of 2018.
Meanwhile, the residential component - the 429-unit Park Place Residences - will be completed only in the first half of 2019.
The developer said it intends to launch the apartments for sale in the first half of next year.
The residential project will comprise a mix of one- to three-bedroom units.
Paya Lebar Quarter has a total gross floor area of about 1.8 million sq ft.
About 100,000 sq ft at the development have been set aside as public spaces, and will include cycling path and lush greenery.
A consortium comprising Lendlease and Abu Dhabi Investment Authority (ADIA) won the tender for the 99-year leasehold site Paya Lebar Central last year with a S$1.67 billion bid.
News Source : http://www.straitstimes.com/business/lendlease-unveils-plans-for-paya-lebar-quarter