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Lendlease building the Paya Lebar Central

The Lendlease enterprise plans to build a large scale mixed urban development at Paya Lebar Central project site and will pull out $1.6 billion (S$1.67 billion) for this proposed project. This amount will possess by an unnamed major global investment partner of Lendlease.

This joint venture that will hold a 30 percent at stake was said to be the highest bidder for this site, says by the infrastructure company.

This mixed development will be funded by the combination of project level, non-recourse, debt and equity.

According to Steve McCann, a Lendlease chief executive, that the transaction itself demonstrates their collaborative approach to its investment partners to secure the key asset creation opportunities through the participation in an urban regeneration projects in cities. And that it is a great opportunity for a continued success in the region that it increases their global capabilities to develop a large urban regeneration projects around the world.

It is said that the Singapore Urban Redevelopment, which manages government land sales in Singapore, must clear the purchase of the site.

The said mixed-use project will be called the Park Place Residences. According to Lendlease, the land site will hold for about 165,000 sq m of development that includes retail, office, and residential use. This is Lendlease’s second major project only in South East Asia in only a matter of time that they just recently signed a $2.8 billion deal with the Malaysian government to manage the another upcoming mixed use site in March.

paya-lebar-quarter

Paya Lebar Quarter will soon transform the area in District 14

Get ready because a new landmark is coming to town, yes the Paya Lebar Quarter brought to you by Lendlease Singapore.

It is a new launch mega project worth $3.2 billion mixed development will definitely transform the area next to the Paya Lebar MRT Station at the most sought area of District 14. It is set to complete soon at year 2018 and comprises of office spaces private housing, office spaces and retail shops that will spread in a massive area of 1.8 million sq ft! Yes you heard that right! It is equal the size of numerous football fields!

Mr Richard Paine, the managing director of the Paya Lebar Quarter in Lendlease said that it will be highly sought because of the fundamentals and he is right as it is well connected to the public transport and it is centrally located that the workforce nearby might lease the property.

Another thing it features is a 340,000 sq ft retail mall, the fourth mall the Lendlease developed after 313 @ Somerset, Jem in Jurong and Parkway Parade. This landmark will soon fill out with 200 stores and cinemas over the seven floors.

This property is largely focused and marketed to Singaporeans like the Orchard condo for sale and it features a unique location as doesn’t have many launches in the Paya Lebar and soon more development will be located here with Park Place Residences being the latest.

Stay tune in our website for recent updates about Paya Lebar Quarter.