Paya Lebar is located in the east part of Singapore˳ The 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 also comprise of neighbouring towns like Eunos, Geylang and Kembangan˳ The town is in between Serangoon and Marine Parade and enjoys a rich vein of road network with Paya Lebar Road, Sims Avenue and Geylang Road been the major roads serving residents in the town˳
In 2014, the Urban Redevelopment Authority which is a statutory body task with the urban planning of Singapore released the plan to turn Paya Lebar into a regional centre˳ A Regional Centre in Singapore is a second-tier commercial zone after the main CBD (Central Business District) in the Central Area˳ This is about 15 times the size of a normal town centre in the Housing Development Board (HDB) towns˳
Views are mixed on the ambition to turn this part of Singapore into a regional centre because Paya Lebar is a short distance from Geylang which is known to be a red light district in Singapore˳ Man on the street started to see change is coming when the government released 2 plots of land to be amalgamated for public tender in October 2014˳ More significantly, the plan is to have a multi-mixed development comprising commercial, residential and retail to be constructed on this enlarge plot of land measuring 3˳9 hectare in area˳ The land has a maximum gross floor area of 1˳78 million square feet˳ The opportunity to develop such a sizable project attracted attention from local and overseas developers and conglomerates˳ By the close of tender, 6 bidders put in their offers and the consortium of Land Lease and Abu Dhabi Investment Authority was the highest bidder at $1,671,688,888 which translate into $942˳55 psf ppr˳
Landlease is an international property developer and infrastructure company with portfolio in Europe, UK, Australia, Asia including Singapore˳ Founded in 1958, Landlease’s headquarter is in Australia and is listed on the Australian Securities Exchange˳ In Singapore, the company manages shopping malls like 313@Somerset, JEM (Jurong East Mall)˳
This major development at Paya Lebar Central, known as Paya Lebar Quarter on its website will be the biggest development by value that the developer will undertake in Singapore˳ Work has already started on the 3 office towers and is anticipated to complete in 2018˳ There will also be a retail mall with more than 340,000 square feet offering shopping, dining and entertainment choices to executives and professionals working around 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 primed to be a place for work, live and play for professionals in Singapore˳
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