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Thread: Lendlease to launch first condo project in S'pore at Paya Lebar

  1. #1
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    Default Lendlease to launch first condo project in S'pore at Paya Lebar

    http://www.businesstimes.com.sg/real...-at-paya-lebar

    Lendlease to launch first condo project in S'pore at Paya Lebar

    Friday, March 10, 2017

    by Claudia Chong
    [email protected]


    AUSTRALIA-LISTED property developer Lendlease is set to launch its first residential development in Singapore at the upcoming mixed-use Paya Lebar Quarter on March 25, 2017.

    Park Place Residences at PLQ, which sits on 98,520 sq ft of land, will comprise 429 units that will be released in phases.

    Lendlease on Thursday said that one-bedroom units at the 99-year leasehold will have a unit size of 480 to 580 sq ft, at a starting price of S$780,000.

    The price of two-bedroom units, sized at 650 to 900 sq ft, will start from S$1 million. Three-bedroom units, ranging from 1,080 to 1,350 sq ft, will start from S$1.6 million.

    The 117 one-bedroom units, 234 two-bedroom units and 78 three-bedroom units will be spread across three towers and flanked by a retail mall and three office buildings.

    The retail and office spaces are expected to be complete by the second half of 2018. Lendlease estimates that the office units will serve about 10,000 staff.

    Park Place Residences is a two-minute walk from Paya Lebar MRT station, which serves both the Circle Line and the East-West line. Both Changi Airport and the Central Business District lie six stops away.

    Major expressways close by include Pan-Island Expressway (PIE), Kallang-Paya Lebar Expressway (KPE) and East Coast Parkway (ECP).

    The condo is also surrounded by a number of schools, such as Tanjong Katong Primary School and Chung Cheng High School (Main). Nearby retail malls include OneKM and Paya Lebar Square.

    Residents will have access to car-sharing services at the PLQ retail mall carpark.

    The project is expected to receive its Temporary Occupation Permit (TOP) by Dec 31, 2020. Showflats will be opened to the public from tomorrow.

    Lendlease revealed that it intends to sell 40 per cent of units in the first phase. It plans to retain the remaining units and release them in tandem with announcements about the mixed-use development.

    Richard Paine, managing director of Paya Lebar Quarter, said Park Place Residences is not subject to additional buyer's stamp duty (ABSD) rules as it is located within a commercial zone.

    Since 2011, developers here have to develop any residential site they buy and sell all units in the new project within five years to qualify for ABSD remission.

    Otherwise, a 10 per cent on land cost with interest becomes payable. A higher 15 per cent ABSD applies to sites bought from Jan 12, 2013, onwards.

    JLL director of research Ong Teck Hui said the pricing of the condo units reflects the advantages that the project enjoys.

    "The strongest attribute of Paya Lebar Quarter is that it promises to be a prestigious landmark development in the Paya Lebar/Sims area, bringing vibrancy to a locality in need of rejuvenation," he said, adding that it holds a strong competitive advantage over other projects in the vicinity.

    R'ST Research director Ong Kah Seng called Lendlease's decision to release units in phases a "clever move".

    According to Mr Ong, the property market is at an interesting juncture - while a solid recovery of demand and private residential prices is unlikely, prices have fallen to generally attractive levels for buyers who have waited extremely long to acquire residential property.

    "There is therefore room for slight price increases for projects with exceptional attributes as we move along into the rest of this year," he said.

    "Park Place Residences will definitely be considered as a well-conceptualised mixed development project that has strong selling points, so its pricing for the rest of the year can only increase, though marginally, or if not, remain stable."

    Mr Ong expects two-thirds of the units launched in phase one to be sold in a month, and for 60 per cent of total units to be bought by investors.

  2. #2
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    Default Paya Lebar condo aims to score home run

    http://www.straitstimes.com/business...score-home-run

    Paya Lebar condo aims to score home run

    Mar 10, 2017

    Preview comes after brisk sales at 2 rival launches in Clementi and Tanah Merah

    Wong Siew Ying


    The Park Place Residences at Paya Lebar Quarter (PLQ) will open for a preview tomorrow.

    The 429-unit development will be the third condo project to hit the market this year, after The Clement Canopy in Clementi and Grandeur Park Residences in Tanah Merah.

    Developer Lendlease yesterday said it is confident there will be a good take-up for the 99-year leasehold Paya Lebar project.

    "We feel that there is a lot of pent-up demand in the market," said Mr Tony Lombardo, Lendlease chief executive for Asia.

    The $3.2 billion PLQ - being jointly developed by Lendlease and Abu Dhabi Investment Authority - will feature a mall, three office towers and three residential blocks.

    Lendlease plans to sell 171 apartments, or 40 per cent of the total units at Park Place Residences, as part of its first release.

    The developer said all the one-, two- and three-bedroom units will be available for selection but it will decide on what units to sell once it has assessed demand.

    Said Mr Lombardo: "If demand is well and truly overwhelming, we may open up our second release and accelerate that launch... what we are saying is whoever that is first in will get the first wave of pricing; the second wave could be a lot higher."

    As the entire integrated project develops, Lendlease believes values will rise, allowing the developer to hike prices in later launches.

    Park Place Residences will have 117 one-bedroom units, between 480 sq ft and 580 sq ft in size, with prices starting at $780,000.

    Meanwhile, the price for 234 two-bedroom apartments, between 650 sq ft and 900 sq ft, will start from $1 million.

    The remaining 78 three-bedroom units, between 1,080 sq ft and 1,350 sq ft, will be priced from $1.6 million.

    Property consultancy firm OrangeTee said the prices should work out to an average of about $1,560 psf to $1,610 psf.

    This would make Park Place Residences the priciest condo project out this year.

    Average prices at both The Clement Canopy and Grandeur Park Residences are below $1,400 psf.

    OrangeTee head of research and consultancy Wong Xian Yang said: "The pricing seems reasonable, given its location and surrounding amenities.

    "Paya Lebar is poised to grow into a regional centre."

    Park Place Residences will be launched for sale on March 25.

    The condo will be marketed by Knight Frank and ERA Realty Network.

    The 505-unit The Clement Canopy has sold 231 of its 350 launched apartments since Feb 25, said developer UOL Group.

    The Grandeur Park Residences has sold 438 of the 720 units available, after its launch on March 4, said developer CEL Development.

  3. #3
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    Default

    To view this project floorplan, use this android free app to view the floorplan!

    https://play.google.com/store/apps/d....myapplication

  4. #4

    Default

    Quote Originally Posted by bolster View Post
    To view this project floorplan, use this android free app to view the floorplan!

    https://play.google.com/store/apps/d....myapplication
    I want to see it.Is there any another way?

  5. #5
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    Default

    Currently using android phone. Iphone app too costly to maintain at the app store.

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