Paya Lebar Central is another Mixed Development located near the Paya Lebar MRT, just like Paya Lebar Quarter Mixed Development.
It has great public spaces in the form of a public plaza and is rapidly becoming a sizeable commercial center that cater to many companies in Singapore that don’t need to be found within the CBD.
When the whole project is fully developed, this key growth area are estimated to have around 500,000 sqm of commercial space for office, retail, and residential use.
Paya Lebar Quarter: Another Mixed Development Located Near Paya Lebar Central
Paya Lebar Central can also be found along a major park connector and cycling path along the Geylang River that’s being transformed under PUB’s Active, Clean and Beautiful Waters programme.
Located in the Eastern Region of Singapore, this ambitious development is set to become a major commercial centre. Originally a large swamp area, close to Kallang River.
The area which is bordered by Hougang, Tampines, Bedok, and Pasir Ris could become a thriving business area.
A consortium made through the collaboration of Lendlease & Abu Dhabi Investment Authority (ADIA), have obtained provisional permission from the Singapore planning authority to develop a project that combines retail estate, offices, and apartments. ADIA holds a 70 % stake within the consortium development, whilst Lendlease has a 30% stake.
The apartments are possibly set to be on the market within the next year. This development is the first time that the Australian based company will be involved in building homes in Singapore, despite a business presence of 4 years. This is one of Lend Lease’s most ambitious & largest mixed-urban regeneration developments.
According to market data on the 2015 final quarter, released by URA, the project is set to receive its Temporary Occupation Permit in 2018. According to Lend lease, the project will include apartments in 3 blocks & assist in The rejuvenation of an area that has, historically been plagued by squatters.
Development is part of a project to move business away from the city centre and closer to home, reducing congestion within the city limits. This decentralization plan by the Singapore authorities also aims to reduce travel times.
LendLease put in a top bid of S$1.67 billion or $942.56 psf ppr for the commercial land site at Paya Lebar Central.
The site comprises of 4 plots overall, one underground, one airspace and two land parcels. The site has a potential maximum development GFA of 164,794 sq m (approximately 1.77 million sq ft). The project will be serviced by direct transport routes from both the Paya Lebar East-West Line & Circle Line stations.