ADIA and Lendlease are developing PLC (Paya Lebar Central), their first ever 70:30 joint venture. It is a mixed development with a land area of 422,275 sq ft. These developers submitted the highest bid at $943 psf ppr, with a total of $1.67 billion for this 99-year leasehold site.
They were successfully awarded for this second land parcel at Paya Lebar Central last April 1, 2015. The first parcel was awarded last 27th of April 2011 to Siong Feng Development Pte Ltd, Guthrie Pte Ltd, and Sun Venture Commercial Pte Ltd and the current Paya Lebar Square that consists of 556 office units and almost 160 units for retails.
It was expected to be completed in the year 2018 and will boast of 3 grade A office buildings with a total area of 874,717 sq ft, shopping mall with almost 500,000 sq ft of retail space, and 429 units of residential that will be called as the Park Place Residences. The apartments will be housed in 3 towers. This whole development is directly linked to Paya Lebar MRT, an interchange for Circle Line and East-West Line MRT stations.
This mixed development is arguably an eye-catcher as it is the pioneer international development in Paya Lebar Central. PLC is the first mixed-use project with private new launch homes that is linked to Paya Lebar MRT Interchange. Investors and buyers will certainly be attracted to this new development.
No other residential projects come close in PLC in terms of convenience as of now. There are also some of the projects that alike this one such as Katong Regency that is above the One KM shopping mall that was purchased by UOL Group for $313 million last Jan 2011. Units at Katong Regency sold at an average price of $1,600 psf and some 1-bedroom units at $2,009 psf. One KM Mall provides a variety of F&B and retail shops together with few enrichment centers and was completed last December 2014. It is a full-fledged mall with 210,000 sq ft that consists of 150 shops.
The government is putting up space area to sell around Sims Avenue and Tanjong Katong to develop the area with office, hotel, and retail establishments creating a huge transformation to PLC turning it in to a bustling sub-regional centre. This type of action will lessen congestion in the CBD area to bring jobs closer to homes.
Adjacent areas such as Aljunied and Geylang Road are also in renovation as part of remaking of Paya Lebar.
PLC will definitely stand out as a premium commercial project. It will stand out with some office owners with its strategic location that isn’t far from CBD.
In the expected presence of PLC In 2018, it will bring a whole Paya Lebar into an exciting commercial hub as it will create a buzz within the vicinity.