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Arcachon
18-06-14, 12:50
http://realtybarbara93889393.files.wordpress.com/2012/02/map1-district-c21.jpg

SINGAPORE: A commercial site along Paya Lebar Road that is expected to be launched for sale later this year could set the tone for the development of the Paya Lebar regional centre. That is according to some property analysts, who also say that any developer keen on the site may have to cough up more than a billion dollars, just in land cost alone.

In October, the Government is expected to release a 4-hectare commercial site next to the MRT station for sale. Some analysts estimate that the potential "Grade A" development could offer about one million square feet of net lettable space, with office space taking up about 50 to 60 per cent. About 440 residential units can also be built there.

However, the site will not come cheap. "The land cost alone will be S$1 billion or even more, and that increases the risk to any single developer who wants to take a bite of this," said Mr Alan Cheong, Senior Director of Research & Consultancy for Savills Singapore. He believes that developers will come in as a consortium for this particular site.

"This project itself, with more than 130,000 sq metres of gross floor area commercial space, together with Paya Lebar Central, will set a tone for this area," he added. "There is no character right now for Paya Lebar."

Once a sleepy industrial estate, Paya Lebar was earmarked for development as a commercial hub outside the city centre under the 2008 Masterplan, as part of the government's decentralisation strategy. But some property-watchers say that the area -- with its mix of workshops and industrial premises -- seems to lack a core focus right now, compared to regional centres in Jurong and Tampines., and believe more can be done to attract more companies to locate here.

Said Century 21 CEO Ku Swee Yong: "SingPost is obviously not sufficient now to bring in a lot more demand for office space, or fill up the industrial B1 space in the Paya Lebar area. But if, for example, we have a Government ministry that is willing to relocate there with about 70,000 sq ft of space - that could be a trigger, a catalyst that would bring other SMEs and service-providers to Paya Lebar Regional Centre."

According to Savill, the average office rental rate at Paya Lebar is currently around $6.50 per square foot per month, compared to S$5.50 in Tampines, and S$7 to S$8 for some of the newer commercial projects in Jurong. Analysts add that Paya Lebar could potentially appeal to firms in the IT, telecom and multimedia industries.

- CNA/xy

http://www.channelnewsasia.com/news/singapore/paya-lebar-site-may-cost/1165722.html

Arcachon
18-06-14, 12:51
http://www.w3studio.net/move/gifjpg/jpg/postal%20district02.jpg

vboy
18-06-14, 13:03
"This project itself, with more than 130,000 sq metres of gross floor area commercial space, together with Paya Lebar Central, will set a tone for this area," he added. "There is no character right now for Paya Lebar."


Interesting to see what the concept will be

Reisor
18-06-14, 14:18
"This project itself, with more than 130,000 sq metres of gross floor area commercial space, together with Paya Lebar Central, will set a tone for this area," he added. "There is no character right now for Paya Lebar."


Interesting to see what the concept will be

I recalled that there were plans to make the vicinity a civic centre as well, to retain its heritage. Its development will have to be timed to support decentralization & to provide buffer as a secondary financial hub while old CBD gets renewed to be a place for "work, live, play" (closer to Hk style). Can see that commercial, banking, Islamic banking...... Your views too.

Veinman
18-06-14, 15:21
Hope to see more MNCs and GLCs moving to the new development as part of the decentralized effort. More retail spaces like cinema, dining and chill out places too will be good to beef up the hype there. Wondering will there be hotel development too?

vboy
18-06-14, 16:29
http://www.greatnewplaces.com/images/Property/img10226_08062013065843.jpeg

http://www.ktp.com.sg/wp-content/themes/twentyeleven/images/PayaLebarSquare.jpg

vboy
18-06-14, 16:32
http://propertyforesight.files.wordpress.com/2008/07/st_080608_makeover-to-turn-paya-lebar-into-commercial-node2.jpg

http://sgnewlaunchesguru.com/wp-content/uploads/2013/06/paya-lebar-commercial-hub.jpg

babyt
18-06-14, 17:20
Geylang is a good buy.

one end is CBD, the other end is Paya Lebar Regional Centre.

Hope cheekon can be decentralised also. lol

economist
18-06-14, 19:28
I suppose D15 will benefit too.

Veinman
18-06-14, 20:06
http://propertyforesight.files.wordpress.com/2008/07/st_080608_makeover-to-turn-paya-lebar-into-commercial-node2.jpg

http://sgnewlaunchesguru.com/wp-content/uploads/2013/06/paya-lebar-commercial-hub.jpg

Looking at the map, it seems like tanjong katong complex will be replaced by station plaza or galleria, not sure how is that possible?

Reisor
18-06-14, 20:09
I suppose D15 will benefit too.

D15 coastal, waterfront location, food paradise stretch, plus emenities (Parkway, I12) already sufficient to bring the prices to premium level. It's upside should be from future MRT location not announced yet.