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Paya Lebar Quarter (PLQ), Lendlease’s $3.2 billion mixed-use development project, has witnessed strong interest for its office and retail space ahead of completion.
In fact, over 50 percent of its office space is now either leased, under final offer or in advanced negotiations, while more than 40 percent of its retail space is now pre-committed, leased or under final offer.
Prospective tenants for its office space include leading corporations from the infrastructure, financial services, real estate and co-working solutions sectors, revealed Lendlease during the topping-out ceremony on Monday (15 January) for one of the three office towers.
Featuring almost one million sq ft of Grade A prime office space, PLQ’s three office towers will see a 10,000-strong workforce. Lendlease noted that up to 15 percent of the available office space will house co-working facilities.
“This approach is designed to support the agility of businesses within a flexible co-working and business environment,” said Richard Paine, PLQ managing director at Lendlease.
“Companies at PLQ will benefit not just from the superb transport connectivity here, but a complete ecosystem designed to support corporate, professional and lifestyle needs.”
Meanwhile, Frasers Tower at Cecil Street has also secured strong lease commitments of more than 70 percent for its 38-storey office tower, while its three-storey retail podium is 50 percent leased.
Frasers Centrepoint Singapore said it has confirmed two anchor tenants, namely French integrated oil and gas firm Total Oil and Microsoft Singapore.
“This is a memorable milestone for us. We are encouraged by the pre-commitment of over 70 percent as a testament to Frasers Tower being the top-of-mind choice for established organisations to grow their business. We are confident that Frasers Tower will be a leading landmark in the business district, catering to a contemporary workforce in the years to come,” said Frasers Centrepoint Singapore CEO Christopher Tang on the sidelines of the tower’s topping out ceremony.
With a total net lettable area of around 663,000 sq ft, the development has received the BCA Green Mark Platinum Award, in recognition of its environment-friendly features.
From left to right: Richard Paine, PLQ Managing Director, Lendlease; Associate Professor Fatimah Lateef, Member of Parliament for Marine Parade GRC, Geylang Serai Ward; Lawrence Wong, Minister for National Development and Second Minister for Finance; Tony Lombardo, Chief Executive Officer, Asia, Lendlease and Ng Hsueh Ling, Managing Director, Singapore and Chief Investment Officer, Asia, Lendlease officiating the topping out of PLQ’s first office tower.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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