How real estate drives smart city initiatives

Paya Lebar Quarter is a $3.2 billion integrated hub, a two-minute walk from the Paya Lebar MRT Interchange Station (Credit: Samuel Isaac Chua/ EdgeProp Singapore)
Occupying a 3.9ha site, Paya Lebar Quarter comprises a 200-shop retail complex, three Grade-A office towers spanning close to one million sq ft, and three residential towers with 429 units. The urban regeneration project, completed in the first half of 2019, cost Australian property group Lendlease and Abu Dhabi Investment Authority a whopping $3.3 billion.
Massive urban regeneration projects like this have the potential to help boost smart city initiatives, notes JLL in its “Smart Cities Success” report released on June 27. “With the support of Singapore’s Urban Redevelopment Authority (URA), Paya Lebar may be a key catalyst in achieving some of Singapore’s long term goals, such as providing jobs closer to homes, cutting congestion and reducing commute times,” says JLL. The giant integrated hub is a mere two-minute walk to Paya Lebar MRT Interchange Station on the East-West and Circle Lines.
For price trends, recent transactions, other project info, check out the Paya Lebar Quarter project details page

Collaboration among stakeholders

Private-public partnerships such as this are found throughout the Asia-Pacific region. For instance, a Singapore–Sichuan partnership is developing the Hi-Tech Innovation Park in Chengdu, which aims to serve the growth of innovative and knowledge-intensive industries. As at August 2018, it has already attracted 33.9 billion yuan ($6.8 billion) in investments.
In Hangzhou, Allibaba implemented City Brain, a Big Data and AI platform that helps urban planners and officials crunch data and improve public service. It has since become a traffic management solution for the city, covering 420 sq km and 1,300 traffic lights, highlights Derek Wang, general manager at Alibaba Cloud Singapore, in the report. “In two years, Hangzhou dropped from fifth to 57th on the list of China’s worst congested cities. The initiative has increased traffic speed by 15% and achieved an average time saving of three minutes per vehicle,” he adds.
Last year, two of Japan’s multinationals – Mitsubishi Heavy Industries and Sumitomo Mitsui Financial Group – inked a deal with the New South Wales government in Australia to invest in the Western Sydney Aerotropolis. The major infrastructure plan is centred on...