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Park Place Residences, developed by Lendlease, an international developer with a track record for urban regeneration and supported by Abu Dhabi Investment Authority have come together to rejuvenate Paya Lebar Quarter beginning with the new Singapore condo.
Park Place Residences is located at the junction of Sims Avenue and Paya Lebar Road and here are some important facts:
Park Place Residences Facts
- Two lots with a total site area of 4 hectares worth SGD 3.2 billion.
- Building commenced Jan 2016 with estimated completion in 2018
- Mixed commercial and residential development
- Park Place condominium consisting of 3 residential towers totalling 429 units
- Convenience of prime retail facilities with retail mix geared towards mid-high end retail and entertainment
- The first 6 floors of the 13 and double 14 storey towers will house retail, theatre and other entertainment
Park Place Residences: Ease of Travel
The new Park Place Residences condominium at Paya Lebar and Sims Avenue is adjacent to the city centre with direct access to Suntec City and the Marina Bay area through Nicoll highway. Alternatively, you can access other parts of Singapore via the PIE (Pan Island Expressway) and ECP (East Coast Parkway).
The joint lots will house not just the private residences of Park Place condominium but also the commercial spaces. Consisting 429 units for private residences, the first and second towers will have 14 floors while the third tower will have 13 floors. Retail, entertainment and other unique facilities will become a signature of the Singapore’s latest condo development.
Travel from Park Place Residences
- Trains from Park Place Condo: Direct access to Paya Lebar MRT interchange which connects the Circle Line and the East West Line, providing access to over 60 MRT stations.
- Buses from Park Place Condo: 6 bus stops around the project with over 20 bus routes.
- Drive from Park Place Condo: Situated near East Coast Parkway (travel to Singapore tip-to-tip), the Pan Island Expressway (travel across Singapore head-to-toe) and the Nicoll Highway (straight expressway to the city centre).
- Walk from Park Place Condo: Walking distance to Katong, and abundant ethnic communities of Joo Chiat. Abundant dining and shopping facilities from rustic heartland nostalgic stores to hipster bistros.
Park Place Residences condo in Paya Lebar Quarter: Instant Paper Gain
Important factors for property appreciation
- Ease of travel and connectivity: Paya Lebar MRT interchange connects you to a network of 60 MRT stations across Singapore combined with 20 bus drop locations in the area – Go anywhere. Shop anywhere. Eat anywhere. 10 minutes to the Central Business District and 15 minutes to Changi Airport by car.
- Convenience to amenities: Singapore Post Centre will re-open in 2017 making online shopping and collection (when you miss your delivery times) ultra convenient. Or visit the many malls in Paya Lebar Quarter: One KM Mall, City Plaza, and Tanjong Katong Complex for dining, shopping and grocery facilities.
- Access to schools near Park Place Residences: Geylang Methodist Primary School, Geylang Methodist Secondary School, and Tanjong Katong Girl’s School.
- Popular with Expats and foreigners: Lifestyle options close to the sun, sand and surf plus cultural attractions in nearby Katong, Joo Chiat and other historical Peranakan sectors.
Area map of Park Place Residences
Get a detailed view of Park Place Residences on Google Maps.
Future of Paya Lebar Quarter
The financial might and investment prowess of Abu Dhabi Investment Authority is primed to turn Paya Lebar Quarter into one of the most successful urban regeneration projects in recent Singapore history. Analysts are describing Paya Lebar Quarter as fertile areas for businesses and residential use.
It is to become another commercial centre for Singapore with population growth figures from the Singapore White Paper. Coupled with increased demand for residential housing, Park Place Residences and it’s proximity to facilities and all modes of transport make it prime to achieve instant paper gains on acquiring TOP (Temporary Occupant Permit). There will also be some space for retail stores and other businesses in these towers. The lease will run for a period of 99 years.
Analysis: Park Place Residences in Paya Lebar Quarter
The region round the Paya Lebar MRT interchange station is experiencing a huge transformation.
When finished in 2018, Paya Lebar Central (PLC) which includes Park Place Residences will have three Level-An office towers totalling 874,717 sq mall with close shopping ft, a to 400 units in three residential towers. More than half a million sq ft of retail space and the project will soon be linked to the Paya Lebar MRT station, which will be likewise an interchange for the East West and Circle Lines.
Paya Lebar Central will probably function as the first mixed use scheme with homes which is linked right to the Paya Lebar MRT Inter shift station. That may bring investors and homebuyers. The project will likely be the “first international development found in Paya Lebar Central” and it’s going to be transformational,” says Lendlease’s managing director for Paya Lebar Central, Richard Paine.
Owing to its combination of uses along with caliber of the entire scheme along with the scale, “Park Place Residences is the catalyst for Paya Lebar Central”, says Chris Archibold, head of marketplaces and JLL’s international manager.
There’s nothing comparable to the residential flats at Park Place Residences in Paya Lebar Central right now. The closest residential job is Katong Regency, which sits on top of One KM shopping mall and was finished before this season. The job is a five-minute walk to the Paya Lebar MRT station and units in the development that is freehold were completely sold inside the primary week of its own launch in the year 2012.
One KM has of enrichment centers. well as a bunch a broad mixture of retail and F&B offerings, as The 210,000 sq ft mall has a total of 150 stores and was considered the first full fledged shopping mall in Paya opened in December 2014. The mixed-use job — One KM and Katong Regency — is the adjoining former Hollywood Theatre, which were bought by UOL Group in January 2011 for $313 million as well as a redevelopment of the previous Lion City Hotel.
It marked the initial major redevelopment undertaken with a property group considering that the statement by the URA that the region across the Paya Lebar MRT station will be designated a fresh commercial heart, “Paya Lebar Central”, under its 2008 Master Plan.
Jurong Lake District and Paya Lebar Central will be the two new decentralised hearts which are a part of the authorities’s strategy ease congestion and to bring jobs.
Park Place Residences, the first 99-year leasehold site that is commercial in the Paya Lebar Central precinct that is brand new to be found on the market by URA was in January 2011; that year, it brought 10 bids in April in the close of its own bid.
It’s a 10-storey office block with 556 strata office units that have been offered at a typical cost of $1,750 psf. on the market in the year 2012 Recent strata office units have changed hands $2, to at $2,003 150 psf, according to caveats lodged for sold from October to Strata offices, notably the ones that happen to be broken up into components that are tiny, are a very different market in the single-owner office buildings targeted at big occupiers, says JLL’s Archibold.
While occupiers with space needs of 1,000 to 5,000 sq ft will be brought to strata-titled buildings, big space will need buildings with Level-A specifications, he includes.
The three Grade A office towers at PLC is going to be the very first superior office space found at Paya Lebar Central. The Metropolis is situated alongside the Buona Vista MRT station, additionally an interchange station for the East-West and Circle lines, however in the western area. The Metropolis has only 28 renters, five of which have taken space of more than 100,000 sq ft, says up Archibold. Ho Bee Land developed the project and finished in 2013.
“Office occupiers are extremely location- sensitive as they’ve been quite aware of the demands in their staff,” says Archibold. Paya Lebar Central is only a 10-minute MRT ride to the Raffles Place MRT station that is interchange, together with a 10-minute drive to the CBD. It’s, consequently, considerably closer to the CBD, weighed against other decentralised office precincts like Tampines Regional Centre and Changi Business Park Jurong Gateway in the west in the east and the future Woodlands Innovation Corridor in the north.
Take up speed at work market is likely to carry on in 2016, in accordance with JLL and has slowed in 2015. International economic headwinds have made businesses more price- careful and sensitive within their method of capital and growth expenditure, includes Archibold. “PLC will thus be well-placed to benefit from demand from occupiers looking for more cost effective non-CBD space,” said Archibold.
The transformation at Paya Lebar Central has set heat to reinvent itself, notably together with the necessity to focus on more discerning consumers as well as the transforming retail dynamics. It’ll function as primary shopping mall in Singapore to house both bricks and- mortar stores and ecommerce retailers.
Maybe this might trigger a rejuvenation of other shopping malls that are old in your community at the same time, the two earliest being Tanjong Katong Complex and City Plaza. The freehold City Plaza was the very first residential-cum-retail development by City Developments. Finished in 1981, it’s an 18-storey apartment block with a four along with 66 units -storey shopping complex with stores that are 376. A few of the strata stores are not as large as 183 sq ft. In the year 2012, a 226 sq ft unit about the next floor was sold for $1.5 million, or an all time-high of $6,636 psf. The mall has become houses a range of beauty and nail salons, electronics stores and Muslim fashion boutiques, together with a wholesale fashion center for women’ clothing, shoes and handbags. Hoe Kee Hardware, a specialist in toilet as well as kitchen fittings, is an anchor tenant together with Giant supermarket.
Farther down from Tanjong Katong Complex is Geylang Serai, which is portion of the Paya Lebar Central enclave. A new Wisma Geylang Serai will be constructed alongside the present Geylang Serai Market on the site of the prior Malay Village. Wisma Geylang Serai will place a community club, a Malay heri tage gallery at the same time as some other arts and community actions. The newest civic centre is scheduled for completion in 2018.
“Part of the draw of Paya Lebar is the various kinds of occupiers and the diverse blend of old and new,” says Archibold. This combination ensures that it’s lively and provides nature to the place. The inclusion of Paya Lebar Square, the newest the rejuvenation of Singapore Post Centre are precisely what’s required to get an all-inclusive transformation of the Paya Lebar commercial heart as well as One KM.”
It’ll form the basis of the commercial heart once Park Place Residences is finished in 2018. Additional websites are not unlikely to be made accessible for sale — either greenfield property adjoining to brownfield sites or Paya Lebar Central next to Singapore Post Centre — for the automobile workshops which may be redeveloped, example, says Archibold. “These will form an extremely important quantum of redevelopment and development property for the long run and can ensure its success as a heart,” he includes.
The remaking of Paya Lebar has additionally started a rejuvenation of Geylang Road and the neighbouring Aljunied. Situated in the corner of Aljunied Road and Sims Drive is a 1,024, GuocoLand’s Sims Urban Oasis -unit project started in March this year It’s found a powerful pick-up in sales within the last two months: 39 units and 46 units were sold in October and November at median costs of psf, according to URA and $1,338 $1,285 data.
The transformation of Paya Lebar Central, which has become observable, could have prompted homebuyers to take a second look in the job after viewing the buzz created in the other jobs in the town fringe as well as another decentralised heart in Jurong, say property brokers. The neighbourhood may also reap the benefits of URA’s planned rezoning of the region bounded Guillemard Road by Geylang Road, Lorong 22 Geylang and Lorong 4 Geylang from your present residential and association zoning for commercial and institutional use.
JLL’s Archibold reckons the authorities’s drive to get a fresh decentralised heart in Paya Lebar is going to be a success. Being just a 10- minute MRT ride from your CBD, and reachable via three highway connections — the Pan Island Expressway, Nicoll Highway and East Coast Parkway — it even offers the critical mass needed seriously to make the heart work, he includes.
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