The 429-unit development will be the 3rd condo development to hit the market this year, after The Clement Canopy in Clementi Ave 1 and Grandeur Park Residences next to Tanah Merah MRT.
Developer Lendlease is confident there will be a good take-up rate for the 99-year leasehold Paya Lebar project.
“We feel that there is a lot of pent-up demand in the market,” said Mr Tony Lombardo, Lendlease chief executive for Asia.
The $3.2 billion Paya Lebar Quarter – being jointly developed by Lendlease and Abu Dhabi Investment Authority – will comprised a mall, three office towers and three residential blocks.
Lend lease plan to released 40% (171 units) of Park Place Residences for sales during the preview launch.
The developer will assess the demand of its 1 – 3 bedroom units before it decides on which to sell.
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.”
With this being an integrated project, Lendlease is confident of increase in prices in later launches.
Park Place Residences will start with $780,000 for their 1 bedroom units. The 2 bedroom will start from $1 million. The 3 bedroom will be priced from $1.6 million. Comparatively, the units at TRE Residences next to Aljunied MRT ( 1 Stop away from Paya Lebar MRT) is selling at attractive pricing for its 2+S for only $980,000
Speculations are that the average psf is an average of $1,560 to $1,610 psf.
With the previous 2 launches of The Clement Canopy and Grandeur Park Residences selling at average psf of $1,400, this development will be the most expensive project for this year.
“The pricing seems reasonable, given its location and surrounding amenities. Paya Lebar is poised to grow into a regional centre.” said OrangeTee head of research and consultancy Wong Xian Yang.
The official launch will be on March 25, marketed by Knight Frank and ERA Realty Network.
The previous sales of The Clement Canopy has clocked in 231 units of launched units and 438 of the 710 units available for Grandeur Park Residences.
Source: http://www.straitstimes.com/business/property/paya-lebar-condo-aims-to-score-home-run
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