Artist’s impression of future developments in Paya Lebar Central.(Photo: URA)
Property giant Lend Lease is set to enter Singapore’s residential market after receiving planning approval to develop a mixed-use development in Paya Lebar Central, which includes over 400 apartments, reported The Australian.
The Urban Redevelopment Authority (URA) has granted provisional permission to a consortium comprising the Abu Dhabi Investment Authority (ADIA) and Lend Lease to develop the project.
The developers had won the tender for the 99-year leasehold site with a bid of $1.67 billion.
The project is expected to further expand Lend Lease’s presence in the city-state after building mostly shopping centres during its 40 years in Singapore.
As the lead developer, Lend Lease holds a 30 percent stake in the consortium, while ADIA owns the remaining 70 percent.
Aside from the residential component, the project will also feature 45,000 sqm of retail space and a 90,000 sqm office tower.
Located in the city fringe, the 3.9ha site is part of the government’s plan to establish commercial clusters outside the central business district.
Meanwhile, the move by Lend Lease aims to target key urban regeneration projects in gateway cities across the world.
The Australian group is also jointly developing the International Quarter in London while building the Lifestyle Quarter at Tun Razak Exchange in KL.
Denis Hickey, Chief Executive of Lend Lease Americas, had earlier revealed that the group is running the ruler over various billion-dollar urban regeneration projects in the United States.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
