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Park Place Residences @ Paya Lebar Quarter (PLQ)

Park Place Residences at PLQ is the residential condominium of Paya Lebar Quarter, a landmark mixed development located right in the heart of Singapore’s newest lifestyle neighbourhood. It is part of URA’s urban regeneration masterplan that will turn Paya Lebar into a new hip and cool happening place, fusing city style living with its own distinct east side ambience.

Park Place Residences at PLQArtist’s Impression . Paya Lebar Quarter . Park Place Condominium

Paya Lebar Quarter (and Park Place Residences) occupies an enviable location next to the Paya Lebar MRT station that joins 2 MRT Lines: the East-West & Circle Lines.

It is being developed, constructed, and managed by Lendlease (Australia).

Do contact us to be kept posted on Park Place Residences at PLQ if you wish to know more about investing, or living here.

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About Paya Lebar Quarter & Park Place Residences at PLQ

Paya Lebar Quarter is located at the junction of Sims Avenue & Paya Lebar Road. It is a huge mixed development on a site that straddles 2 adjacent land parcels. Main points:

  1. Total site area of 3.9 hectares.
  2. Total gross floor area of about 1.8 million square feet.
  3. Development value of approximately $3.2 billion.
  4. Construction started in January 2016, and is expected to complete end 2018 or early 2019.

 
What Paya Lebar Quarter will comprise:

  1. Total of 7 buildings, including 3 residential blocks.
  2. 3 Grade A office towers covering nearly 1 million square feet of best-in-class offices. Towers 1 and 2 will have 14 storeys each while Tower 3 will have 13 storeys.
  3. Complemented by a prime standalone 7-storey mall with over 340,000 square feet of dining, shopping, lifestyle, cinema and entertainment space.
  4. Park Places Residences at PLQ itself, comprising 3 residential towers of 429 homes, in a spacious, lushly landscaped setting.

Park Place Residences at PLQArtist’s Impression . Park Place Residences at PLQ . Click to Enlarge

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Park Place Residences at PLQ · Highlights

Summary of why this Park Place condominium is so attractive:

  1. It is undoubtedly in a very good location. Paya Lebar is on the fringe of the city, about 10 minutes drive to the CBD (Central Business District) and the Marina Bay Financial District.
  2. About 15 minutes drive to Changi International Airport.
  3. One big advantage is that it will have direct access, at basement & ground levels, to Paya Lebar Interchange MRT station that joins the Circle and East West MRT Lines, offering direct connections to over 60 MRT stops.
  4. As Park Place Residences is part of a huge mixed development, with high end offices and retail mall literally next door, it offers superb convenience on a daily basis. A prime example of maximising productivity and efficiency in a work, live & play environment, with F&B, shopping, supermarkets, banks & entertainment at the doorstep.

    Paya Lebar Quarter North PlazaArtist’s Impression . Paya Lebar Quarter North Plaza . Park Place Residences at PLQ

  5. This district has always been one of the most popular with investors and home-owners, given its convenience & proximity to town. The other recent launches in the Paya Lebar area are practically sold out: both Bartley Residences and Bartley Ridge are 100% sold; Botanique @ Bartley is over 98% sold. The new Park Place condominium is well-timed to meet fresh demand that has arisen since those launches.
  6. In addition, Park Place Residences has the distinct advantage of having its own tenant pool from the 3 Grade A office towers within the precinct. Investors who get a unit here won’t be short of good tenants. Especially since there are only 429 units for sale here (many of which are also being eyed by owner occupiers drawn to the convenience).
  7. The Paya Lebar area has historicity: it is close to the culturally rich communities of Katong and Joo Chiat. And perhaps closer to the hearts of Singaporeans, it is surrounded by the food havens that abound in these districts!
  8. The Paya Lebar Quarter site also enjoys connectivity to highways like the KPE, PIE, ECP, and Nicoll Highway.
  9. Paya Lebar Quarter & Park Place Residences are being developed by Lendlease, a leading international property & infrastructure group with operations in Australia, Europe, Asia & the Americas, focusing on urban regeneration projects that transform spaces and cities.

Paya Lebar Quarter Park Place Condo LocationPaya Lebar Quarter Condo . Park Place Residences Location . Click to Enlarge

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Paya Lebar Quarter :: Park Place Residences at PLQ

News Update 18 October 2016 :: Paya Lebar Quarter Set to Transform Area

Developer Lendlease has just disclosed new details about Paya Lebar Quarter, the mega mixed development that is set to catalyse the Paya Lebar area’s rejuvenation.

This urban-regeneration project, to be connected directly to the Paya Lebar MRT Interchange station, will also transform the area into a “vibrant, pedestrian-friendly city precinct”.

CNA Report on the updates by Lendlease on Paya Lebar Quarter

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Paya Lebar Quarter :: Details Unveiled

  1. Paya Lebar Quarter is being developed across 2 plots spanning 3.9 hectare. Expected total cost: $3.2 billion.
  2. One plot will accommodate 2 office towers and a retail mall, while the other will house the 3rd office tower and 3 condominium blocks.
  3. Total gross floor area (GFA) of about 1.8 million sq ft. The office space will account for about 1 million sq ft of that, or 55 per cent of the total area.
  4. The one million sq ft of Grade A office space will be spread across one 13-storey tower and two 14-storey towers, offering big floor plates for major clients who need large spaces. Lendlease is in talks with multinational corporations to lease that space, which can house about 10,000 office workers. (Some of whom will be looking to rent a condo unit nearby!)
  5. The mall will feature about 200 stores and cinemas across 7 floors, covering a total of 340,000 sq ft of retail space. About 30% of that will be Food & Beverage outlets.
     
    Paya Lebar Quarter :: Park Place Residences at PLQArtist’s Impression . Paya Lebar Quarter . Retail & Office Elements
  6. Lendlease has already snagged its first two retail anchor tenants: NTUC Fairprice Finest supermarket will take up 22,000 sq ft, and foodcourt Kopitiam will lease 15,000 sq ft.
  7. This will be Lendlease’s 4th mall in Singapore. (The others being Parkway Parade @ Marine Parade, 313 Somerset in Orchard Road, and Jem in Jurong.)
  8. The retail and office components are expected to complete in the 2nd half of 2018.
  9. Both will only be leased out, and will not be sold to individual investors. This is crucial as it will ensure quality tenants, and a good tenant mix (especially for the retail element). It will also ensure that the project will continue to be well kept and maintained over the years.

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Park Place Residences at PLQ

The residential component of Paya Lebar Quarter, called Park Place Residences at PLQ, will have three condominium towers of 17 storeys, including 4 floors of car parks.

It is a medium size project: 429 residential units, comprising 1, 2 and 3 bedrooms apartments.

Park Place Residences at PLQArtist’s Impression . Park Place Residences at PLQ

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Park Place Residences at PLQ · Launch

Despite the current weak economic outlook, Lendlease is optimistic about selling and demand. Mr Richard Paine, Lendlease’s managing director for Paya Lebar Quarter, believes it will be highly sought after because of the fundamentals.

Has it got good connection to public transport, is it centrally located, is it near schools… does it have a workforce nearby that might lease the property? It just ticks all these boxes.

He added, “We are bullish in regard to the fact that there haven’t been too many launches in this area.

Park Place Residences will mainly be marketed locally. Lendlease will likely launch these units for sale in the 1st half of 2017, with completion around the 1st half of 2019.

About 100,000 sq ft of the development has been set aside for public spaces, including a cycling path and lush greenery. That will add to the appeal of both the offices and housing units. Lendlease will also cater “end-of-trip facilities”, like parking spaces for bicycles and personal mobility devices, changing rooms, lockers, and shower facilities.

Park Place Residences at PLQ . Paya Lebar Quarter by Lendlease & ADIAArtist’s Impression . Paya Lebar Quarter Mall next to Park Place Residences at PLQ

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Park Place Residences at PLQ · Analyst Pricing Estimates

The consortium comprising Lendlease and Abu Dhabi Investment Authority won the tender for this site at Paya Lebar Central in 2015 with a $1.67 billion bid. That works out to about $943 psf per plot ratio for the land alone.

International Property Advisor’s chief executive Ku Swee Yong estimates a selling price of around SGD$1,500 to $1,700 psf, while Cushman & Wakefield’s research director’s Christine Li thinks that it could be “…above $1,400 psf, with small units touching $1,500 PSF”. Lendlease itself has not announced any indicative price yet, and is not likely to do so till the actual sales date.

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Paya Lebar Quarter Condo :: WELL Building

Park Place Residences at PLQ, the Paya Lebar Quarter condo, has the distinction of being linked to the first WELL Building certified development in Singapore.

That is because Paya Lebar Quarter, by Lendlease, has registered for the International WELL Building Institute’s (IWBI) WELL Core and Shell Certification, for its almost one million square feet of Grade-A office space across its three office towers.

Paya Lebar Quarter North Plaza by LendLease . Paya Lebar Quarter CondoPaya Lebar Quarter North Plaza by LendLease . Paya Lebar Quarter Condo

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Paya Lebar Quarter Condo · About the WELL Programme

The programme uses a performance and evidence-based system that is grounded on scientific and medical research. It provides tenants and investors with measurable benefits to address well-being and health concerns for work spaces.

Administered by a public benefit corporation, IWBI, the WELL Building Standard (WELL) is the world’s first building standard that focuses exclusively on increasing the productivity and well-being of its occupants.

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Paya Lebar Quarter Condo · The WELL Programme Applied

Aspects of Paya Lebar Quarter that align with the WELL Building Standard include the estimated 100,000 sq ft of public green spaces that are linked to the Park Connector Network, as well as end-of-trip facilities for the occupants, such as lockers, showers, and bicycle lots that support an active lifestyle.

The office buildings will also incorporate enhanced air filtration that goes above and beyond industry standards. This will optimise the amount of outdoor air supplied into the offices, based on occupancy and outdoor air quality.

Public spaces in Paya Lebar Quarter will be Wifi-enabled, enabling the office occupants to take their work outdoors too.

The offices have incorporated other health and well-being aspects as well. Such as floor-to-ceiling glazing that allow natural daylight in, and wide views of the green public spaces.

Paya Lebar Quarter Condo . Office Tower by LendleaseArtist’s Impression . Paya Lebar Quarter Condo . Office Tower by Lendlease

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Paya Lebar Quarter Condo · WELL and Lendlease’s Vision

“Registration for the WELL Certification aligns with our mission to create a healthier, happier, and ultimately more productive workforce and community here at Paya Lebar Quarter,” commented Mr Richard Paine, Managing Director of Paya Lebar Quarter for Lendlease.

He also said that, “Healthy work places can lead to improved productivity, and reduced absenteeism and staff turnover, and reduced insurance or medical claims.”

“Organisations now look beyond the monetary cost of occupying a building; they are also placing emphasis on the productivity of the workforce in it.”

Lendlease & Delos, pioneer of Wellness Real Estate & founder of the WELL Building Standard, had as far back as in November 2015, announced their tie-up to bring health and wellness innovations to Lendlease’s developments worldwide through adoption of the WELL standard.

Lendlease has already adopted the WELL Core & Shell Certification at Barangaroo South Sydney, Sydney’s largest urban renewal project since the 2000 Olympics.

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Park Place @ Paya Lebar Quarter :: The Vision

The development of Paya Lebar Quarter & Park Place is spearheaded by Mr Richard Paine, the Australian who is managing director for this project for Lendlease.

The hard facts of this development have been announced and discussed. $3.2 billion mixed development, right beside Paya Lebar MRT station. 3 office towers with 1 million sq ft Grade A offices. Shopping mall with 200 shops over 7 floors, and cinemas. Park Place Residences with 429 residential apartments.

But Mr Paine sees this project as more than just the bricks & mortar of it, huge enough as it is. He has a wider vision in mind – that of creating a sustainable and vibrant community here, that is plugged into the area’s cultural & historical roots.

Park Place Residences at Paya Lebar Quarter

Park Place Residences at Paya Lebar Quarter

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Paya Lebar Quarter & Park Place · The Process

“This area is at the junction of 3 culturally rich areas – Joo Chiat, Katong and Geylang. We are going to modernise it & at the same time, more importantly be part of the community,” he commented in a recent interview.

“We want to give people more lifestyle options, while being respectful of the community that they are in.”

One of the first tasks that Mr Paine and his team did for this project was to take several walks through the neighbourhood to understand the location, and gain a sense of its community and history on the ground.

“We went on heritage trails and explored different areas. It was really about understanding the context of where we are. We learnt lots of interesting things that gave us a sense of the community,” he added.

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Paya Lebar Quarter & Park Place · The Design

All that helped the team formulate ideas about the development’s architectural motifs, and events to be held here.

Mr Paine commented that, “Here we are in the heart of the Malay community, so we took inspiration from traditional Malay fabrics, and you will see that reflected in its architecture.”

Another way that Paya Lebar Quarters intends to build a sense of community, is by creating a cycling-friendly environment.

“You will be able to cycle here, park your bicycle safely, go to a facility for a shower, and be ready for the day,” Mr Paine said.

“If you can exercise on your way to work, via park connectors that link into this project, that enhances your life. It allows you to be healthier and to bond with friends by cycling together.”

Paya Lebar Quarters . Park Place Residence . Cycle Friendly Community

Paya Lebar Quarter . Park Place Residence . Cycle Friendly Community & Environment

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Paya Lebar Quarter & Park Place · The Visionary

Mr Richard Paine’s aim is not just to complete this $3.2B development. He wants to build a sustainable, vibrant Paya Lebar Quarter that is connected to its deep historical & cultural roots.

It is a huge task and vision to undertake, certainly not an easy one. But Mr Paine is one person who is eminently suitable to undertake it.

He gets a deep sense of satisfaction from how Lendlease practises sustainability, bringing new life to old neighbourhoods. He joined Lendlease Singapore in 2000 when it had just bought Parkway Parade Shopping Centre, and saw it and its immediate surroundings revamped and turned into the bustling community it is today.

In the years between, he has been in different types of projects, different geographies, different roles in development & investment management.

And Lendlease itself is one developer that is well qualified to make a success of this project. They have a track record of delivering on urban regeneration projects, including award-winning ones in Australia and other places around the globe.

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