landlease

Australia-listed property group Lendlease on Monday (17 October) unveiled plans for its S$3.2-billion mixed use development, Paya Lebar Quarter which will be completed in phases beginning the second half of 2018.

The 3.9ha development will comprise of seven buildings―three private residential buildings, three Grade A office buildings and a retail mall―all within what the group calls a “pedestrian-friendly new city precinct” with 100,000 sq ft set aside as public space which will include lush greenery with cycling paths and event spaces.

The urban regeneration development will first see the retail and commercial components completed in 2018, followed by the 429-unit condominium development in 2019.

The seven-storey retail mall will house over 200 retailers―about 30 percent being for food and beverage tenants.

According to Lendlease, grocery retailer NTUC FairPrice Finest and foodcourt operator Kopitiam will headline the Paya Lebar Quarter mall (pictured), taking up over 22,000 sq ft and 15,000 sq ft of the 340,000 sq ft total area of retail space, respectively.

Meanwhile, the development will also offer one million sq ft of Grade A office spaces spread three 13- to 14-storey blocks. The office buildings are expected to house some 10,000 workers.

Lendlease said it is already in talks with various multi-national corporations for the leasing of the office space.

It is noted that the joint venture between Lendlease and sovereign wealth fund Abu Dhabi Investment Authority (ADIA) won the tender for the 99-year leasehold Paya Lebar Central site in April last year for a bid price of S$1.67 billion.

Sources: CommercialGuru, Oct 17, 2016

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