Booming Paya Lebar
The vicinity of Paya Lebar MRT is set to see a major facelift! A first ever joint venture between Landlease, an Australian real estate company and Abu Dhabi Investment Authority ( ADIA ) is developing PLC, or Paya Lebar Central, a mixed-development property launch within a land area of 422,275 square feet.
Slated to be completed in 2018, PLC boasts of 3 A-Grade office buildings with a total floor area of 874,717 square feet; a shopping mall of almost 500,000 square feet of retail space and over 400 units of residential homes. The whole development is linked to Paya Lebar MRT, the interchange for East-West MRT Line.
Touted as the pioneer international development in PLC, this mixed-development’s link to Paya Lebar MRT is arguably an eye-catcher. The land was bought at $943 psf ppr ( per plot ratio), which totaled $1.67b.
As of now, no other residential element comes close to PLC in terms of magnitude and convenience. Perhaps a close match is Katong Regency that sits above One KM. Opened in Dec 14, Katong Regency and One KM Mall occupy the former Lion City Hotel. Respectable in its own way, it boasts being the first prominent property redevelopment around the Paya Lebar precinct.
Alongside Jurong Lake District, PLC is part of the grand plan by the government to decentralize the Central Business District, forming “urban CBDs” to reduce congestion in the city financial and business area. To ensure a successful urban CBDs’ success, the government is further putting up for sale an estimated 5.4m square feet of commercial space around Sims Avenue and Tanjong Katong area.
Paya Lebar Central will truly stand out as a premium and sought-after commercial. With its strategic location and just 10 minutes train journey to Raffles MRT Station, PLC will definitely attract serious office owners. Its closeness to CBD, a mere 10-minute drive puts it ahead of other “urban CBDs” such as Jurong Gateway in the west and Tampines Regional Centre in the east. Targeted to complete in 2018, PLC is sure to attract many savvy takers.
A spin-off effect is the urgency by Singapore Post Centre to upgrade itself in order to keep up with the changes. It will spend $150m to increase its retail space by about 270,000 square feet. Other jaded shopping complexes nearby are set to see some facelifts so as not to be left out.
As such, the expected presence PLC in 2018 is creating a rejuvenating buzz in the vicinity, bring the whole of Paya Lebar into a totally heightened and exciting commercial hub.