Australian property developer Lendlease has officially announced that its new launch project Park Place Residences at Paya Lebar Quarter will be slated for launch by 31 March 2017.
The 429-unit residential component of Paya Lebar Quarter – a mixed-use project that comprises of a mega shopping mall and commercial office towers that will be linked to the Paya Lebar MRT interchange station.
Park Place Residences will be Lendlease’s maiden private residential development in Singapore, after establishing a strong foothold here for more than 4 decades with the likes of Parkway Parade and 313 Somerset – on top of its strong track record in Sydney and London.
The Paya Lebar Quarter (PLQ) by Lendlease is a S$3.2 billion-worth project that is looking to rejuvenate the Paya Lebar precinct of rich heritage and is set to become a significant and prominent landmark in the eastern-central of Singapore – slated by the Urban Redevelopment Authority (URA) as “a pedestrian-friendly commercial hub with a distinctive cultural identity” under the Master Plan 2008.
Park Place Residences comprises of 1 to 3-bedroom apartment units across 3 residential towers. Out of the 429 residential units available, 117 (approximately 27% of the project) units are 1-bedroom, with prices from S$780,000 onwards.
According to the URA zoning plans, developer Lendlease will not be subjected to the Additional Buyer’s Stamp Duty (ABSD) rules for this new launch project – which requires developers to sell off all units in a new development within a 5-year period, due to it being part of a mixed-development within a commercial zone.
Park Place Residences is expected to receive its T.O.P by the 2nd half of 2020.