Bidding

Lendlease and ADIA, Successful bidders for Park Place Residences

The URA (Urban Redevelopment Authority) granted permission for the developers last December 2015 to build a project, is now called Park Place Residences, that will comprise a 429 apartment units with a 43,740 sq m and 470,813 sq ft of retail space and a 91,340 sq m and 983,175 sq ft fross floor area of office space.

A spokesman for Lendlease once said that the apartments will occupy three towers and that they are confident that this project will revive the area after it’s completed.

Lendlease has a 30% stake in developing this project, while ADIA has 70%.

The developers, Lendlease-ADIA alliance, were the highest bidder for the 99-year leasehold site at state that was officially closed last March 31, 2015. Its winning bid of S$1.67 billion worked out to an almost S$950 per sq ft of gross floor area.

The site holds for about four plots of 2 land parcels, an underground, and airspace. It can be developed to a maximum gross floor area of 164,794 sq m and about 1.77 million sq ft. This upcoming development will have a direct connection to both Circle Line and Paya Lebar East-West Line MRT stations.

Lendlease is known as an integrated infrastructure group that has operated in Singapore since 1973. It can span an entire development, investment, management, construction and project management, asset, and property management.

The URA also gave provisional permissions to other developers in Hongkong and Malaysia.

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