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149 units at Park Place Residences sold at average $2,000 psf

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Two residential projects launched over the weekend (7-8 Apr) drew an overwhelming response from buyers, further boosting property market sentiment.

Lendlease’s Phase 2 sales launch of Park Place Residences at Paya Lebar Quarter (PLQ) saw 149 of the final 219 apartments snapped up over two days at an average price of $2,000 psf.

This brings the total number of units sold at the 429-unit condo to 359 (84 percent).

“This outstanding response is testament that discerning buyers and investors recognise the value and unique offering of the units at Park Place Residences at PLQ,” said Tony Lombardo, Lendlease CEO for Asia.

The 99-year leasehold project comprises a mix of one- to three-bedroom units from 480 sq ft to 1,350 sq ft, with prices ranging from $900,000 to $2.2 million.

First launched for sale in March 2017, Park Place Residences sold 210 units during the initial phase, or 50 percent of the available units within one day before the showflat was closed. Prices at the time were lower at around $800,000 to $2.1 million.

However, pricing wasn’t an issue as buyers said they were drawn to the project’s location within an integrated development and its sustainable design.

Future residents of Park Place Residences will have direct access to PLQ’s 340,000 sq ft mall, which contains anchor tenants such as an NTUC FairPrice Finest supermarket, Kopitiam food court and Shaw Theatres.

Meanwhile, the three Grade A office towers with nearly one million sq ft of workspaces are over 50 percent committed. Notable tenants include transport operator SMRT, which is moving its headquarters to PLQ next year, while property consultancy CBRE recently announced it is taking up 32,000 sq ft of space to house up to 600 of its employees.

The $3.3 billion project is directly linked to Paya Lebar MRT station, and is scheduled to complete in phases from end 2018.

Separately, The Verandah Residences by Oxley Holdings sold 76 percent or 129 of its 170 units over the weekend at an average price of $1,815 psf.


Source: Property Guru



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