Paya Lebar Quarter (PLQ) development, worth $3.7 billion, was opened officially yesterday, to the benefit of future Penrose condo residents.
The 4ha mixed development project, which has retail, office and residential components, is 30% owned by Australian firm Lendlease, with Abu Dhabi’s sovereign wealth fund owning the remainder.
Mr Lawrence Wong, the Minister for National Development and Second Minister for Finance, commented at the opening ceremony: “All in all this is a great opportunity for us to remake and reimagine the Paya Lebar cluster for our future, even for the next 10 decades”
The Australian High Commissioner to Singapore, Mr Bruce Gosper, noticed the buildings’ proximity to Changi Airport and Central Business District (CBD), as well as the mix of office and residential space.
“This project is a very good example of what the Singapore Government has accomplished in its urban planning,” he said.
Park Place Residences, located 1 MRT stop away from Penrose condo, is the residential component. The condominium has 429 units of 1-to-3-bedroom units across 3 towers. Public amenities such as walking paths and green spaces occupy about 100,000 square feet.
All but 1 of the units in this 99-year leasehold residence have been sold in a 2-part staggered sales strategy.
Phase 1, involving half of the apartments, sold out within one day at an average rate of $1,805 per square feet (psf), with Phase 2 proceeding at $1,938 psf.
PLQ Mall had its soft launch at the end of August. It brags of about 200 retail outlets across 6 levels, with anchor tenants such as supermarket brand FairPrice Finest, Virgin Active gym and Shaw Cinemas.
3 Grade A office blocks make up PLQ Workplace, which includes a flexible workplace concept called Csuites. This special workplace caters to enterprises that want co-working spaces and have a smaller workforce.
It will house German pharmaceutical and life sciences multinational company Bayer in the later part of the year.
Approximately 90% of available office and retail space has been rented out or is in the final stages of negotiation. Residents at Penrose will have more dining and entertainment options when this new mall is fully occupied.
DP Architects oversaw the architectural work for the whole project. The company was also responsible for the design of Golden Mile Complex.
Lendlease has been the manager for Parkway Parade mall since 2000.
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