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The consortium consisting of Lendlease and Abu Dhabi Investment Authority (ADIA) that last year bagged a plum site in Paya Lebar Central, has obtained provisional permission from Singapore’s planning authority to assemble a project that may consist of offices, retail space as well as 429 flats.
Paya Lebar Quarter
Going by market conversation, probably next year the apartments are expected to be launched for sale,.
This will indicate the first time the Australian group will be developing homes in Singapore. It has been operating here for more than four decades.
The project is anticipated to be finished, that’s, receive Temporary Occupation Permit in 2018, according to fourth quarter 2015 property market data released by the URA recently.
Paya Lebar Quarter By LendLease & ADIA
When contacted, a spokesman for Lendlease said the flats will be in three towers. ” . . . Lendlease is confident that the . . . project will rejuvenate the precinct when it really is completed,” he added.
Word on the street is that JLL and CBRE have been made as letting agents for the office space. Given its experience in the Singapore retail market, Lendlease will probably market the retail space itself.
The Lendlease-ADIA consortium was the highest bidder for the 99-year leasehold site at a state bid that closed on March 31, 2015. Its winning bid of S$1.67 billion worked out to S$942.56 per square foot of possible gross floor area.
Paya Lebar Quarter Paya Lebar Central
The site comprises four plots – an underground place, two land parcels and an airspace. The site can be developed to a maximum GFA of 164,794 sq m (about 1.77 million sq ft). The project will boast direct connection to both the Paya Lebar East-West Line and Circle Line MRT stations .
While ADIA holds the bulk 70 per cent Lendlease has a 30 per cent stake in the consortium developing the project.