Paya Lebar is located in the eastern part of Singapore. Paya Lebar MRT is an interchange station for the East-West MRT and Circle MRT lines. Singapore is divided into 28 districts and Paya Lebar is in district 14, which is also part of neighboring cities such as Eunos, Geylang and Kembangan. The city is located between Serangoon and Marine Parade and enjoys a rich road network, with Paya Lebar Road, Sims Avenue and Geylang Road being the main roads serving the city’s residents.
In 2014, the Urban Redevelopment Authority, which is a statutory body in charge of urban planning in Singapore, published the plan to develop Paya Lebar into a regional centre. A Regional Center in Singapore is a second-tier commercial zone after the main CBD (Central Business District) in the Central Area. This is approximately 15 times the size of a normal urban center in Housing Development Board (HDB) cities.
Opinions are mixed on the ambition to turn this part of Singapore into a regional hub because Paya Lebar is a short distance from Geylang, known to be a red-light district in Singapore. The man in the street began to see change coming when the government released two plots of land for amalgamation by public tender in October 2014. More importantly, the plan is to build a mixed development comprising commercial, residential and retail. on this large piece of land measuring 3.9 hectares. The land has a maximum gross area of 1.78 million square feet. The opportunity to develop such an important project attracted the attention of local and foreign conglomerates and developers. At the closing of the tender, 6 bidders submitted their offers and the consortium of Land Lease and Abu Dhabi Investment Authority was the highest bidder with $1,671,688,888, which translates to $942.55 psf ppr.
Landlease is an international property developer and infrastructure company with portfolios in Europe, the United Kingdom, Australia and Asia, including Singapore. Founded in 1958, Landlease is headquartered in Australia and listed on the Australian Stock Exchange. In Singapore, the company operates shopping centers such as 313@SomersetJEM (Jurong East Shopping Centre).
This major development at Paya Lebar Central, known as Paya Lebar Quarter on its website, will be the largest development by value the developer will undertake in Singapore. Work has already begun on the 3 office towers and is expected to be completed in 2018. There will also be a shopping center with more than 340,000 square feet that will offer shopping, dining and entertainment options to executives and professionals working on the development. In addition, there will be 3 residential towers with a total of 429 residential units. With a direct link to the Paya Lebar MRT, the development is set to be a place to work, live and play for professionals in Singapore.
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