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
Paya Lebar Quarter :: Details Unveiled
- Paya Lebar Quarter is being developed across 2 plots spanning 3.9 hectare. Expected total cost: $3.2 billion.
- One plot will accommodate 2 office towers and a retail mall, while the other will house the 3rd office tower and 3 condominium blocks.
- 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.
- 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!)
- 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.
Artist’s Impression . Paya Lebar Quarter . Retail & Office Elements
- 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.
- 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.)
- The retail and office components are expected to complete in the 2nd half of 2018.
- 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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