It is part of plans of decentralization put in place by the authorities to ensure job creation near home for people, reduce overcrowding and travel times en route the city centre, and make commercial clusters available outside the city centre. I fine example is the paya lebar square that was opened not long ago.
The Paya Lebar Central site contains two adjoining tracts divided the Geylang Canal as well as by Sims Avenue. Australian developer Lend Lease will posses about 30% together with the remainder owned sovereign wealth fund Abu Dhabi Investment Authority, by its investment partner.
Lend Lease reported that Thursday (May 19) that it had a vivid image of the design for the Paya Lebar Central project; however, the authorities will be working together to get an outstanding final design.
It stated that above half – about 90,000 square metres (sqm) – will be allowed for office space. Additionally, about 29,000 sqm iis to be earmarked for about 440 private homes and over 40,000 sqm wil be used for a shopping mall. The 3.9-hectare site has a total gross floor area of 165,000 sqm.
The major aim of the decentralisation plan is to make jobs available for people close to their homes, get rid of overcrowding and incessant travelling to and fro the city centre.
The Asia CEO of Lend Lease, Mr Rod Leaver affirmed that it will be a central hub and a mixed-use property for living, working, and playing, and reducing dependence on car transportation. Due to the state of the site, which includes the canal running through, it is possible to create a fantastic public space, public land which could be activated for the creation of a place usable for the entire community.
Fresh retail brands are to be introduced, said Lend Lease. The developer has successfully managed a lot of shopping malls in Singapore like Parkway Parade, JEM in Jurong East, and 313 at Somerset.
Being the third largest out-of-town mall in Singapore, Lend Lease said it did not have any plans to increase JEM’s retail base in that area, regardless of the imminent development there. Rather, the firm would concentrate on the current developments.
Mr Leaver further stated that a major challenge that Paya Lebar has is an important development. It is the biggest mixed-use redevelopment project in Singapore. Furthermore, the firm recently won a big contract in TRX- the lifestyle quarter in Malaysia; therefore, they are fully booked.
The Lifestyle Quarter in TRX is likely to comprise a mixed-use development of more than 17 acres, including three residential towers, a resort, and also a new retail mall.
Meanwhile, Lend Lease stated that it had “some interest” in both the commercial and residential projects that may surface at the site of the High-Speed Rail terminus. Only 20% of the site will be occupied by the terminus while the other 80% to comprise retail space, offices, and possibly homes.