Business

Developer confident of good take-up

Lendlease's 99-year leasehold Paya Lebar condo project Park Place Residences open for preview tomorrow

The Park Place Residences at Paya Lebar Quarter (PLQ) condominium project will open for a preview tomorrow.

The 429-unit development will be the third condo project to hit the market this year, after The Clement Canopy in Clementi and Grandeur Park Residences in Tanah Merah.

Developer Lendlease said yesterday it is confident there will be a good take-up for the 99-year leasehold Paya Lebar condo project.

"We feel that there is a lot of pent-up demand in the market," said Mr Tony Lombardo, its chief executive for Asia.

The $3.2 billion PLQ - being jointly developed by Lendlease and Abu Dhabi Investment Authority - will feature a mall, three office towers and three private residential blocks.

Lendlease plans to sell 171 apartments, or 40 per cent of the total units at Park Place Residences, as part of its first release.

It said all the one-, two- and three-bedroom units will be available for selection, but it will decide on what units to sell once it has assessed demand.

Said Mr Lombardo: "If demand is well and truly overwhelming, we may open up our second release and accelerate that launch... What we are saying is whoever that is first in will get the first wave of pricing; the second wave could be a lot higher."

If demand is well and truly overwhelming, we may open up our second release and accelerate that launch. Landlease chief executive for Asia, Mr Tony Lombardo

As the entire integrated project develops, Lendlease believes values will rise, allowing it to hike prices in later launches.

Park Place Residences will have 117 one-bedroom units, between 480 sq ft and 580 sq ft in size, with prices starting at $780,000.

Meanwhile, the price for the 234 two-bedroom apartments, between 650 sq ft and 900 sq ft, will start from $1 million.

The remaining 78 three-bedroom units, between 1,080 sq ft and 1,350 sq ft, will be priced from $1.6 million.

Property consultancy firm OrangeTee said the prices should work out to an average of about $1,560 to $1,610 per sq ft (psf). This would make Park Place Residences the priciest condo project out this year.

Average prices at both The Clement Canopy and Grandeur Park Residences are below $1,400 psf.

OrangeTee head of research and consultancy Wong Xian Yang said: "The pricing seems reasonable given its location and surrounding amenities.

"Paya Lebar is poised to grow into a regional centre."

Park Place Residences will be launched for sale on March 25.

The condo will be marketed by Knight Frank and ERA Realty Network.

The 505-unit The Clement Canopy has sold 231 of its 350 launched apartments since Feb 25, said its developer UOL Group.

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