URA has earmarked Paya Lebar Central to be developed as future commercial hubs outside CBD. Strategically located at city-fringe, Paya Lebar region is approximately 15 min drive to the Raffles Place at CBD with excellent train connection to all other parts of Singapore via East-West Line and Circle Line. Hence, Paya Lebar Central will provide an attractive and accessible location for businesses that do not need to be within the Central Business District.
The designated 12 ha of land comprises 500,000 sqm of commercial floor space, which makes it a dominant parcel in the area. The recent completion of Paya Lebar Quarter, Paya Lebar Square, OneKM, Lifelong Learning Centre, and refurbishment of Singpost building are just the beginning of Paya Lebar Central (PLC) transformation. PLC is being jointly developed by a sovereign fund from Abu Dhabi, and Aussie developer LendLease (already established through Parkway Parade and Orchard Central). The SingPost Centre, right across from the same MRT station has undergone a $150 million renovation. Paya Lebar will be indeed, a leading commercial district outside CBD with grade A offices, extensive open public spaces and vibrant retail and commercial activities.
As part of Paya Lebar Central development, Lend Lease has also build an integrated mixed use development, which residents will have access to retail and entertainment right at their door-setp. It is called Park Place Residences, with three residential towers with 429 units that are elegantly and efficiently designed. A 2-bedder of 667 sft on 17th floor at Park Place Residences was transacted at $1.395 mil or $2,090 psf in Jul 2018. Last average transacted price for 3 bedroom is approximately $1,750 - $1,800 psf in the past 1 year.
Residents staying in District 13, 14 including the upcoming Penrose condo have the best proximity to Paya Lebar Central development, which they can take advantage of. The convenience of transport, amenities, commercial malls, Sports Hub will only give the "omph" factor for potential tenants to reside in these area.