Lendlease upbeat on sales at Paya Lebar condo
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.