The 3.9 hectare Paya Lebar Quarter parcel will consist of Grade-A offices, a shopping mall and residential apartment units according to Lendlease.
Lendlease is an international developer. They revealed their plans for their Paya Lebar Quarter that will cost $3.2 billion. It is an urban regeneration development that is expected to transform the Paya Lebar Central in a regional hub.
This massive 3.9 hectare site is situated next to Paya Lebar MRT station comprises two neighboring plots of land. It was awarded to a consortium comprising Lendlease and wealth fund Abu Dhabi Investment Authority in April last year for about $1.67 billion or $942.55 psf.
Paya Lebar Quarter is a 99-year leasehold mixed-use development that will feature seven buildings which will include three Grade-A office towers with a built-up area of close to one million sq ft, a 340,000 sq ft shopping mall has already secured NTUC FairPrice Finest and Kopitiam as its anchor tenants, and a 429-unit residential component that will be called Park Place Residences.
The buildings will only be 13 to 14 storeys tall from its existing height restrictions according to Richard Paine, the Managing Director of Paya Lebar Quarter.
He also stated that Park Place Paya Lebar will contain 1- to 3-bedroom units and will be launched in the first half of 2017 next year.
Green spaces and a cycling path will also be incorporated into this project.
Paya Lebar Quarter is expected to be fully completed by the first half of 2019.