Lendlease upbeat on sales at Paya Lebar condo

[reporter2]

Lendlease upbeat on sales at Paya Lebar condo

Mar 13, 2018


Australian developer Lendlease hopes to repeat the success of phase-one sales at Park Place Residences at Paya Lebar Quarter (PLQ) last year when it releases the next batch early next month.

The firm shifted 210 apartments in the initial launch - about half the total units at the 99-year leasehold project - on the first day of sales. Lendlease had estimated that only 40 per cent would go on day one.

The remaining 219 units go on sale on April 7, the developer announced yesterday.

Lendlease Asia chief executive Tony Lombardo said: "We do know there is pent-up demand; we haven't had the show suite open for months, so there are people wanting to buy into the product and we haven't launched that back to market."

The show suite reopens on March 24 to display the condo's mix of one-to three-bedroom units.

There will be 43 one-bedders, between 480 sq ft and 580 sq ft in size, up for sale, with prices starting from $900,000.

The 110 two-bedroom units of between 650 sq ft and 900 sq ft start from $1.15 million, while 66 three-bedders ranging from 1,080 sq ft to 1,350 sq ft start from $1.8 million.

This is a slight increase - about 5 per cent, said Mr Lombardo - compared with prices of similar units sold in the first phase.

Ms Alice Tan, Knight Frank Singapore's head of consultancy and research, said: "Looking at the past year's trend - where the overall residential market is clearly recovering - a 5 per cent adjustment is rather compelling, in the light of potential price escalation in future projects."

She added that it is widely anticipated that sale prices at upcoming launches will be at least 10 per cent higher than last year's.

Knight Frank is one of the agents for Park Place Residences.

Mr Lombardo said 95 per cent of buyers in the first phase were Singapore citizens or permanent residents.

The condo is scheduled to be completed in the first half of next year.

Lendlease announced that Shaw Theatres will join other anchor tenants, FairPrice Finest and Kopitiam foodcourt, at PLQ Mall, which is the retail section of the mixed-use development.

The new cinema complex will have 12 screens, including Imax.

[reporter2]

Lendlease upbeat about take-up at Park Place Residences for Phase 2

The sale of the final 219 units will be launched on April 7 at slightly higher prices, says developer

Tue, Mar 13, 2018

Neo Shi Wei


AUSTRALIAN-LISTED developer Lendlease is hoping to replicate its success achieved during the Phase One sales of Park Place Residences at Paya Lebar Quarter (PLQ) last year.

Then, 210 units, or about half of the total units of the 99-year leasehold private condominium, were snapped up within the first day of sales. This also exceeded the inital 40 per cent Lendlease had projected.

The final 219 units will be made available for sale during the second phase, set to launch on April 7, the developer announced on Monday.

Tony Lombardo, Lendlease Asia's chief executive, said: "We do know there is pent-up demand - we haven't had the show suite open for months so there are people wanting to buy into the product and we haven't launched that back to market. "

The show suite will re-open to the public next Saturday, on March 24, showcasing the condominium's mix of one- to three-bedroom units.

A total of 43 one-bedroom units, between 480 square feet (sq ft) and 580 sq ft in size, will be up for sale, with prices starting from S$900,000. Another 110 two-bedroom units, of between 650 sq ft and 900 sq ft in size, will have price tags starting from S$1.15 million. The remaining 66 three-bedroom units, between 1,080 sq ft and 1,350 sq ft in size, will start from S$1.8 million.

This is a slight increase - which Mr Lombardo said amounted to about 5 per cent - compared to prices of similar units during the first phase.

The Business Times had then reported that prices ranged from S$800,000 for a one-bedroom unit to S$2.1 million for a three-bedroom premium unit. According to data from the Urban Redevelopment Authority (URA) last year, the first phase sold 217 units - which Lendlease later clarified that 210 units were eventually sold - at a S$1,805 per square foot median price.

Alice Tan, Knight Frank Singapore's head of consultancy and research said: "Looking at the past year's trend - where the overall residential market is clearly recovering - a 5 per cent adjustment is rather compelling, in the light of potential price escalation in future projects."

She added that it is widely anticipated that sales prices of upcoming launches will be at least 10 per cent higher than the previous year.

Knight Frank is one of the property agents for Park Place Residences.

Mr Lombardo said that 95 per cent of the buyers during the first phase were Singapore citizens or Permanent residents (PR).

He added: "One thing I took away from the launch was that some of the Singaporeans knew us because they have bought products from Lendlease around the world."

Residents will get to enjoy a few high-tech features in their apartments, such as a smart control system where they will be able to control some parts of their apartments remotely. Lendlease said that more details will be provided later.

The condominium is scheduled to be completed in the first half of 2019.

As part of PLQ - a mixed-use development - residents of Park Place Residences will also be able to take advantage of its close proximity to offices and retail malls.

Lendlease announced that Shaw Theatres will join other anchor tenants, FairPrice Finest and Kopitiam food court, at PLQ Mall, the retail section of the mixed-use development.

The new cinema complex will have 12 screens and equipped with the latest projection technology including digital IMAX.

Mr Lombardo said: "I do think people understand what it is like to live in an integrated mixed-use project. When I look at our project versus everything else in the marketplace, we really have a differentiation when it comes to convenience, transportation and connectivity."