Paya Lebar is located in the eastern part of Singapore. Paya Lebar MRT is an interchange station for the East-West MRT and Circle MRT lines. Singapore is divided into 28 districts and Paya Lebar is in District 14, which also includes neighboring cities such as Eunos, Geylang, and Kembangan. The city lies between Serangoon and Marine Parade and enjoys a rich road network with Paya Lebar Road, Sims Avenue and Geylang Road as the main roads serving the residents of the city.
In 2014, the Urban Redevelopment Authority, which is a task of the statutory body with Singapore’s urban planning, launched the plan to turn Paya Lebar into a regional center. A Regional Center in Singapore is a second-tier business area after the main CBD (Central Business District) in the Central Area. This is about 15 times the size of a normal urban center in the Housing Development Board (HDB) cities.
Opinions are mixed on the ambition to turn this part of Singapore into a regional hub because Paya Lebar is a short drive from Geylang, which is known to be a red-light district in Singapore. Man on the street began to see changes coming when the government released 2 parcels of land to merge for public bidding in October 2014. Most significantly, the plan is to build a multi-mixed development that includes commercial, residential and retail. on this enlarged 3.9 hectare plot. The land has a maximum gross area of 1.78 million square feet. The opportunity to develop such an important project attracted the attention of local and foreign developers and conglomerates. At the closing of the tender, 6 bidders submitted their bids and the consortium of Land Lease and Abu Dhabi Investment Authority was the highest bidder with $ 1,671,688,888 which translates to $ 942.55 psf ppr.
Landlease is an international property and infrastructure development company with a portfolio in Europe, UK, Australia, Asia, including Singapore. Founded in 1958, Landlease’s headquarters are located in Australia and are listed on the Australian Stock Exchange. In Singapore, the company operates shopping centers such as 313 in Somerset, JEM (Jurong East Mall).
This major development at Paya Lebar Central, known as Paya Lebar Quarter on its website, will be the largest development by value the developer will undertake in Singapore. Work has already begun on the 3 office towers and is anticipated to be completed in 2018. There will also be a more than 340,000-square-foot shopping center offering shopping, dining and entertainment options to executives and professionals working on the development. In addition, there will be 3 residential towers with a total of 429 residential units. With a direct link to Paya Lebar MRT, the development is poised to be a place to work, live and play for professionals in Singapore.