Paya Lebar as the up and rising precinct for commercial activities is taking shape seamlessly. Already, Paya Lebar Central is a vibrant commercial hub, true to Urban Redevelopment Authority’s (URA) 2008 Masterplan.
With the recent series of developments, and more to come, Paya Lebar will join other commercial hubs like Tampines Regional Centre, Jurong Lake District and Woodlands Regional Centre in become a bustling commercial hub developed outside the city centre. This is aligned to URA’s larger decentralisation plan to bring businesses and jobs away from the city and closer to homes. Except that Paya Lebar Central is just a 10-minute drive from the Central Business District, which makes it an attractive business epicentre.
At present, Paya Lebar Central is a thriving spot that combines Paya Lebar MRT Interchange, Paya Lebar Square, and mixed-use developments that translate to approximately 500,000 sqm of commercial floor space.
Currently undergoing a S$150 million renovation, the newly-refurbished 269,100 sq ft SingPost Centre will contribute to the level activities at this hub, as it will be the largest e-commerce mall in Asia.
Alongside transformation at Paya Lebar Central, Tanjong Katong Road and Sims Avenue are undergoing urban facelifts that will converge new retail, office and hotel developments. More notably, Geylang River will become a focal point in this area. The river will run alongside public spaces and integrate with future developments. A newly constructed stretch of Geyland River is expected to flow in the middle of a new commercial development along Tanjong Katong Road. The rejuvenation of nearby Geylang Serai Market as a heritage locale will also add diversity and allure to this precinct.
3.9-hectare Paya Lebar Quarter to further consolidate Paya Lebar’s status as a new commercial hub
But the transformation does not end here. A S$3.2 billion mixed development Paya Lebar Quarter (PLQ) is set to give this area a greater boost. Developed on two plots spanning 3.9 hectares, or covering eight football fields right beside Paya Lebar MRT Interchange, PLQ will comprise two blocks of Grade-A offices, a retail mall and Park Place Residences, a condominium with three residential towers of 429 units. With offices accounting for about 55% of the total gross floor area of PLQ, it will draw an estimated 10,000 professionals to this precinct.
The mall and offices are scheduled for completion in the second half of 2018. Park Place Residences will be ready in the first half of 2019. Despite major transformations in the pipeline, there are not many private residential addresses near Paya Lebar Central. The nearest private residential address is Katong Regency, part of a mixed-use development that integrates shopping mall One KM.
Given the proximity of Paya Lebar to the city, its connectivity to various parts of Singapore, and the many urban regeneration plans in the precinct, Paya Lebar is becoming a new business, shopping and residential enclave for the discerning.
When developer Lendlease launched Park Place Residences in March, 215 of 429 units were sold in the first day of launch. Buyers cited potential development around the area and the fact that it will attract many tenants to be a contributing factor for their interest in Park Place Residences.