The new Paya Lebar Quarter
Construction on a massive 3.9 hectare site began in January. Paya Lebar Quarter will comprise a retail complex, three Grade A office towers and three residential towers that will be called Park Place Paya Lebar with 429 apartment units.
It is developed by an Australian property group Lendlease and Abu Dhabi Investment Authority. Paya Lebar Quarter is valued at $3.2 billion when completed. Lendlease purchased this 99- year leasehold site in a government land tender with a bid of $1.67 billion that translated to $943 psf ppr in April 2015.
Still, Lendlease is confident in its project. “The great differentiator is that we are investing in place making,” Richard Paine, managing director of Paya Lebar Quarter said. This integrated project will have a wellness theme with 100,000 sq ft of green spaces and a 20,000 sq ft covered event space just outside the mall.
There will also be a cycling trail and pedestrian pathway within the development. For the convenience of office tenants, there will be facilities for storing bicycles and scooters, and shower facilities.
There has been a buzz in the Paya Lebar Central neighborhood around the MRT station since the government announced in the URA 2008 Master Plan that it would be transform into a commercial hub.
This is all part of the government’s plan towards localization