Lendlease to launch Park Place Residences by March 31
By Cecilia Chow
/ The Edge Property |
Australian-listed property developer and infrastructure group Lendlease announced that Park Place Residences at Paya Lebar Quarter (PLQ) will be launched by March 31, 2017.
The 429-unit Park Place Residences is part of a mixed-use development at PLQ that includes a shopping mall and office towers linked to the Paya Lebar MRT interchange station. Park Place Residences marks Lendlease’s maiden venture into residential property development in Singapore after establishing a presence here 44 years ago. Lendlease has a track record of close to 60 years in urban regeneration, with successful mixed-use developments in London and Sydney.
The $3.2 billion PLQ is set to rejuvenate the neighbourhood and poised to be significant landmark in Paya Lebar Central, which the URA has designated as “a pedestrian-friendly commercial hub with a distinctive cultural identity” in the 2008 Master Plan.
Artist's impression of Park Place Residences
Source: Lendlease
Park Place Residences at PLQ will have a mix of one- to three-bedroom apartments across three towers. Of the 429 units, 117 (27%) are one-bedders sized from 480 to 580 sq ft, with indicative prices starting from $780,000. Two-bedders are from 650 to 900 sq ft, while three-bedroom units are from 1,080 to 1,350 sq ft. ERA and Knight Frank have been appointed joint marketing agents for the project.
As the 99-year leasehold condominium is part of a mixed-use development within a commercial zone, Lendlease is not subjected to the Additional Buyer’s Stamp Duty (ABSD) rules which require developers to sell all units in the development within a five-year period. Park Place Residences at PLQ is expected to obtain its Temporary Occupation Permit in 2H2020.
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