SINGAPORE (EDGEPROP) - A $3.7 billion integrated development, Paya Lebar Quarter (PLQ) is a 30:70 joint venture between Lendlease and Abu Dhabi Investment Authority (ADIA). In Singapore, Lendlease boasts over 40 years of experience, with over 400 completed projects across a broad range of sectors.
The development is part of the URA’s plans for the 12ha Paya Lebar Central precinct to be a sub-regional business hub for Singapore. PLQ will be a new commercial hub that includes an integrated commercial node with offices, retail, and public spaces.
“This is a key cornerstone development within this new district, which will be one of Singapore’s most progressive and sustainable new city precincts,” notes Lendlease in their Annual Report 2018.
At the EdgeProp Singapore Excellence Awards 2019, Lendlease bagged an award for Mixed-use Development Excellence for PLQ. Situated at the junction of Paya Lebar Road and Sims Avenue, the 99-year leasehold PLQ occupies a site area of 4ha, and a gross floor area of about 1.8 million sq ft. PLQ comprises PLQ Mall, three Grade-A office towers spanning one million sq ft, and three residential towers at Park Place Residences, with 429 units. PLQ also has direct links to Paya Lebar MRT Station on both the East-West and Circle Lines.
The office spaces, expected to be completed in 3Q2019, offers close to 900,000 sq ft of space. The tenants include CBRE, JLL, NTUC Income, Great Eastern, Bayer, Spaces by IWG, and Intellectual Property Office of Singapore (IPOS).
The new PLQ Mall, which opened on Oct 24, has 340,000 sq ft of net lettable area, with over 200 shops across six floors. Shaw Theatres, FairPrice Finest, and KopiTime are the anchor tenants there. Some of the other retailers are Uniqlo, Tokyu Hands, Foot Locker, Haidilao Hot Pot, The Providore, and Starbucks Reserve. Apart from these, F&B tenants like Mom’s Touch from South Korea are among the few making their first foray into Singapore.
Meanwhile, during its launch in March 2017, Park Place Residences sold 210 units in the first phase, which is about 50% of the available units. Now, the 429-unit Park Place Residences has seen 425 transactions, with only four units left for sale, according to data from URA Realis on Oct 21. The condo has a mix of one- to three-bedroom units in three towers. There are 117 one-bedroom units of 484 to 581 sq ft; 234 two-bedroom units of 646 to 904 sq ft; and 78 three-bedroom units of 1,076 to 1,367 sq ft.
At the development, the latest transaction was on Aug 14, when a 1,076 sq ft unit on the 17th floor was sold for $1.978 million ($1,838 psf). This followed a transaction made on July 17, when a same-sized unit on the ninth floor was sold for $1.877 million ($1,744 psf). Data from URA Realis shows that the average price at the development is at $1,898 psf.
PLQ has achieved the Singapore Building Construction Authority’s (BCA) GreenMark Platinum Award, the highest and latest accolade for sustainability, for all its seven buildings.
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