22/02/2017
The residential component at Paya Lebar Quarter will be called Park Place and will contain 429 units. The residences will be launched for sale only in 1H2017. Unlike many of the mixed-use developments with residential towers sitting on top of the retail complex, the three residential towers at Paya Lebar Quarter will be standalone towers atop a multi-storey carpark. They will be linked to the retail and office buildings via covered walkways and overhead bridges.
Residents of Park Place will have their own private entertainment deck with a 50m swimming pool, a gym, playground and clubhouse. Park Place will be Lendlease’s first residential development in Singapore. The apartments will be a mix of one- to three-bedroom units.
According to Paine, the emphasis for the residential component will be to maximise usable space and efficiency. “We make sure that the units are functional — regular instead of odd-shaped, no strange walls nor a helper’s room that is too small — and all the units are fully fitted,” he adds.
Lendlease’s other project in Singapore that was also a catalyst in a decentralised location is Jem, a mixed-use retail and office development linked to the Jurong East MRT interchange station and the bus interchange station. At Jem, the six-storey retail complex has 241 stores and 818,000 sq ft of retail space. The office tower was fully leased to the Ministry of National Development, the Agri-Food & Veterinary Authority, and the Building and Construction Authority of Singapore on a 30-year leaseback in 2012.
The other project that Lendlease developed is 313@Somerset, a shopping mall linked underground to the Somerset MRT station on Orchard Road, which opened in December 2009.
Lendlease acquired Parkway Parade Shopping Centre at Marine Parade in the east 15 years ago. Over the years, the asset has been transformed, and even though it is the oldest shopping centre in the east, it continues to be one of the most successful in the area. Another mixed-use scheme that Lendlease has transformed — this time in a joint venture in 2006 — is the former Paradiz Centre. It was refurbished and rebranded PoMO Centre. In 2011, the building was sold for $336 million to a joint venture between BS Capital and Enviro- Hub Holdings.
Lendlease, which was founded in 1958, has been in Singapore for 43 years, says Tony Lombardo, the group’s CEO for Asia.
The Australian group has been behind some large-scale urban regeneration projects in major cities worldwide, including Barangaroo South, Darling Square and Victoria Harbour in Australia; Elephant Park in Elephant & Castle and the International Quarter London; as well as Riverline in Chicago. Paya Lebar Quarter will soon be added to that list.
