Park Place Residences @ PLQ
Everything You Need To Know
Important Announcements –
28/03/2017: Park Place Residences show flat now closed till further notice. Register with us for Phase 2 launch date or call sales hotline 8686 1555.
25/03/2017: Park Place Residences 50% sold for Phase 1! Overwhelming response for Phase 1 balloting. Choice units left. Register with us or call developer sales team at 8686 1555 for enquiry on balance units.
For Paya Lebar property lovers and investors, here is a piece of good news! An exciting development landmark development right next to Paya Lebar MRT integrating the best in working, shopping, dining and living experiences is coming your way. There is even going to be a cinema in the complex, a first in Paya Lebar.
Slated to launch in March 2017, this is expected to be one of the top anticipated projects in the East, specifically in District 14 where Paya Lebar is located. It is right located in the heart of URA’s urban regeneration masterplan for Paya Lebar and will boast high appreciation and rental demand due to the various grade A offices in the region, such as Paya Lebar Square (completed in 2014) and the upcoming Paya Lebar Quarters, which will add even more grade A prestigious offices in the region.
The residential project, termed as Park Place Residences will boasts 429 residential units over 3 towers comprising of 1 bedroom, 2 bedrooms and 3 bedrooms and penthouses configurations. Being located next to a major MRT interchange connecting the East-West Line and Circle Line, gives it great advantage over it counterparts and is expected to capture the interests of savvy property investors due to the accessibility of potential tenants coming from various regions.
Park Place Promotional Video
|Project Name||Park Place Residences @ PLQ|
|Description||Proposed mixed-use commercial development comprising 1 block 7 storey cum 2 basements shopping mall with 3 basements carparks (total 3 strata units), 2 blocks 14 storey and 1 block 13 storey offices (total 5 strata units), 3 blocks 17 storey residential flats (total 429 units), 1st storey retail.|
|Developer Name||Developed by: Lendlease
Milano Central Pte Ltd, Roma Central Pte Ltd, Verona Central Pte Ltd
|Address||2, 6, 8 Paya Lebar Road, Singapore 409053 / 409055 / 409056|
|Expected TOP||31 December 202. (Legal: 31 Dec 2023)|
|Tenure||99 years from 29 June 2015|
|Unit Types||1 Bedroom (474 – 581 sf)
2 Bedroom (646 sf)
2 Bedroom Premium (667 – 904 sf)
2 Bedroom Dual-key (667 – 678 sf)
3 Bedroom (1,076 – 1,367 sf)
3 Bedroom Premium (1,163 sf)
|Total Units (Residential)||429|
Park Place Residences Artist’s Impressions
Site Map of Park Place Residences
Elevation Chart of Park Place Residences
Floor Plans for Park Place Residences – Unit Types
Developed by Australian property group Lendlease and Abu Dhabi Investment Authority in a 30:70 joint venture, Paya Lebar Quarter is a mixed-use scheme valued at $3.2 billion when completed. Lendlease purchased the 99- year leasehold site in a government land tender with a bid of $1.67 billion, which translated to $943 psf per plot ratio (psf ppr) in April 2015. Consultants had considered it a bullish bid.
Lendlease is a leading international property and infrastructure group with operations in Australia, Asia, Europe and the Americas focusing on urban regeneration projects that transform spaces and cities. For most Singaporeans, Lendlease is the reputable household name that manages the Parkway Parade shopping centre, 313@Somerset and Jems at Jurong East.
Park Place Residences – What To Expect
A mixed development project, Park Place Residences comprises of a retail mall with over 200 retailers, indoor and alfresco dining amidst lush green, connected spaces and cinema entertainment.
Construction on a massive 3.9ha site fronting the Paya Lebar MRT interchange station began in January. When completed in phases from 2H2018 to 1H2019, Paya Lebar Quarter will comprise a retail complex with 200 shops, three Grade-A office towers with a total of about one million sq ft and three residential towers with 429 units.
ACTUAL LOCATION & ACCESSIBILITY
The location for Park Place Residences is located at 2, 6, 8 Paya Lebar Road, Singapore 409053 / 409055 / 409056.
It is located next to Paya Lebar MRT and at the connecting junction between Paya Lebar, Tanjong Katong and Eunos road. It offers direct linkage to the dual-line Paya Lebar MRT Interchange connecting to the East-West and Circle lines. This is an important MRT interchange as it means an inflow of tenants from other regions such as Holland Village, Farrer Road, Marymount, Bartley etc will be attracted to rent a unit at Park Place Residences due to its superb connectivity.
Drawing Tenants From Other Regions
Assuming the rental for a 2 bedrooms at Holland Village/ Buona Vista to be asking $4,200 on average, tenants will be enticed to move to Paya Lebar given the 6-7 MRT stops away and yet enjoy a more attractive rental of $3,600 in Paya Lebar, thus saving $600 a month on rental. This is even more so for bigger 3 bedroom and 4 bedroom units. This will seek to draw more tenants towards this vibrant region.
Paya Lebar MRT Interchange connecting EW line and Circle line
If you are driving, it will take you around 10-15 minutes’ drive to the Central Business District and Changi Airport through ECP. For commuters taking public transport, it offers immediate access to 6 bus stops around the project with over 20 bus routes Island-wide connectivity via the Pan Island Expressway, the East Coast Parkway and the Nicoll Highway.
Good Schools within 2km of Park Place Residences
MOE Phase 2B admission exercise – Are you within 1km of the school?
A key consideration that cross all loving-Singapore-parents when buying a house is, “are there any good schools within 1 or 2km of the location?” For most parents in Singapore, the selection of primary schools for their children once the child turns five years old becomes one of the most important consideration of their life. Given the intensive competition of getting into an elite school or a school of their choice (assuming both parents are not an alumni of the school), many parents will like to choose a location that is within 1km of the school to qualify for the phase 2B of the primary school admission exercise. For the benefit of those without children, phase 2B is a yearly exercise by MOE to provide priority for children staying within 1km of the school to have a higher chance in applying for a place in that particular school. To prevent abuse of the system, MOE recently tweaked the policy to state that the residential address of the student’s family must not change in three years after the child’s admission, or risk of losing a placement in the school.
This change of policy has led to many parents turning into purchasing a home rather than renting for the sake of placing their child into the school of their choice.
For Park Place Residences, home buyers will be glad to know that 2 of Singapore’s top primary schools, namely Kwong Hwa Primary and Geylang Methodist School are within 1km of the location while Canossa Primary, Maha Bodhi Primary, Haig Girls Primary and Tanjong Katong Primary schools are within 2km of the location from Park Place Residences.
Investors Must Read – Upcoming in Paya Lebar
“Is Paya Lebar Worth Your Bet?”
Knowledge is king – For every home buyer and investors, doing research on the future value of the property one is buying should probably be the most important element before paying down your first 5% deposit.
Speaking about the future potential of Park Place, just right next door, Singapore Post Centre is undergoing construction to redevelop the four-storey mall into a revolutionary concept incorporating both traditional physical retail and online shopping. Singapore Post announced in October 2016 that it is committing $150 million to rejuvenate the mall and attract crowd. When ready for operations in mid-2017, it is expected to offer 25,000 sq m (about 269,100 sq ft) of retail space in the area.
Another neighbor Paya Lebar Square, is an existing 99 leasehold retail cum grade A office mixed development. Completed in November 2014, it houses three storey of retail and F&B options (including a basement food court and supermarket) and has a 10-storey office compound above the 95,000 sq ft retail mall. The strata offices were launched for sale with an average price of $1,750 psf. This development was the first project to pave way for the rejuvenation of Paya Lebar Central as a decentralized financial hub and attracted 11 bidders for the land bid through the GLS in 2011 of $586 million ($872 psf ppr) five years ago, signalling the developers’ confidence in Paya Lebar.
Another notable and comparable mixed development is Katong Regency, a 244- units residential development (former Lion City hotel) integrated with a three stories shopping mall, One KM, which opened in December 2014. Launched in 2012, investors and buyers snatched up all the units in Katong Regency barely just within a week after launch with an average price of $1,600 psf. Shortly after, high floor one-bedroom units high floors crossed the $2,000 psf psychological level prices. Completed and TOP in 2016, Katong Regency was completed last year.
Perhaps the biggest potential lies in the fact that the Paya Lebar Airbase, which houses the Republic of Singapore Airforce, will be moved to Changi in 2030, freeing up a total 800 hectares of land space as well as removing the height restriction limit around Paya Lebar, Tai Seng, Bartley, Kaki Bukit and Old Tampines region. (http://news.asiaone.com/news/singapore/parliament-paya-lebar-airbase-relocation-will-be-completed-2030). The land area is said to be 3 times the size of Bishan and Toa Payoh combined and is able to build more than 80,000 units of new homes, commercial and industrial land units.
With the current plot ratio of Paya Lebar of around 2.0 to 4.0 but restricted by the height ceiling, the buildings around Paya Lebar generally do not exceed twentieth stories due to the airbase. However, all these will set to change once the airbase moves out and the building will be able to attain a height of forty stories and above, hence making the land in Paya Lebar more attractive to the developers as the latter could build and sell more houses. All these mean there will be a strong upside to the land value as developers will more likely to acquire land through enbloc exercises.
Park Place In The News
Park Place Residences set new sales record with 50% of the released units being snapped up buyers on the first day of launch on 25th March 2017, representing 215 out of 429 units that were being launched. This means Park Place Residences is one of the best performing projects in the past 4 years by data.
Buyers were attracted by the attractive pricing and remain upbeat on this project given the good location, future prospect and the unique work, play and stay concept.
URA Master Plan Spells Out The Future Of Paya Lebar
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