Mixed-use project for Paya Lebar site
A CONSORTIUM comprising Lendlease and Abu Dhabi Investment Authority (Adia), which last year bagged a plum site in Paya Lebar Central, has obtained provisional permission from Singapore's planning authority to put up a project that will comprise offices, retail space and 429 apartments.
Going by market talk, the apartments are expected to be launched for sale probably next year.
This will mark the first time the Australian group will be developing homes in Singapore. It has been operating here for more than four decades.
The Urban Redevelopment Authority (URA) granted provisional permission last month for the developers to build a project that will have 91,340 sq m gross floor area of office space and 43,740 sq m of retail space in addition to the 429 apartments.
The project is expected to be completed and receive its Temporary Occupation Permit in 2018, according to fourth quarter 2015 property market data released by the URA recently.
When contacted, a spokesman for Lendlease said the apartments will be in three towers.
"Lendlease is confident that the... project will rejuvenate the precinct when it is completed," he added.
The Lendlease-Adia consortium was the highest bidder for the 99-year leasehold site at a state tender that closed on March 31, 2015 - with a bid of $1.67 billion.
The project will boast direct connection to both the Paya Lebar East-West Line and Circle Line MRT stations.
Lendlease has a 30 per cent stake in the consortium developing the project while Adia holds the majority of the 70 per cent.
According to a previous article, the Abu Dhabi sovereign wealth fund is said to be an investor in the Asian Retail Investment Fund (Arif) managed by Lendlease.
Arif I has a 75 per cent stake in the 313@Somerset mall in Orchard Road while Arif III owns 75 per cent of the Jem office and retail development in Jurong East.
Adia is also understood to have invested in BlackRock-managed funds that developed the Asia Square project in the CBD.
Lendlease is an integrated property and infrastructure group that has operated in Singapore since 1973.
Its capabilities span the entire property spectrum: development, investment management, project management and construction, and asset and property management.
URA's Q4 2015 data also showed that MCL Land, a unit of Hongkong Land, obtained provisional permission in October for a 710-unit condo along Jurong West Street 41.
The project's name is Lake Grande.
Chinese developer MCC Land received URA's provisional nod last month for a condo project of 626 units along Tampines Street 86.
Meanwhile Gem Homes, the shareholders of which are Malaysia-listed group Gamuda, Evia Real Estate (7) and Maxdin, received provisional permission in November to develop a 578-unit condo in Lorong 5 Toa Payoh.
THE BUSINESS TIMES