Australia-based Lendlease finally entered the residential property market in Singapore with the launch of Park Place Residences as its first housing project in the region.
The development will be part of the Paya Lebar Quarter, a sprawling 3.9-hectare mixed-use development. Although Park Place Residences is its debut project in the housing sector, Lendlease has already become a familiar name through its other properties under management including Parkway Parade, 313@somerset and Jem.
Lendlease launched its first phase of sales for Park Place Residences on March 25, according to Tony Lombardo, Lendlease CEO for Asia. The condominium project will have 429 units that will comprise one-, two- and three-bedroom units.
Lombardo believes that Singapore’s housing sector will have a much larger activity in terms of transactions over the next 12 months, as volume has begun to pick up after property prices seemed to have bottomed out.
He further noted that since the residential market has adapted to the government’s property cooling measures, buyers should consider purchasing properties again amid the availability of attractive mortgage and financing options.
Long-Term Investment Opportunity
Park Place Residences will provide more institutional and retail investors with another option for growing their investments. Whether you plan to buy units for personal or business purposes, Paine said that owning a part of the residential development offers investors with a promising long-term investment opportunity.
Sweet Spot for Home Buyers
Lendlease 40 per cent of the condominium project’s units during the first batch of sales in March 2017.
True to the company’s bullish vision for the project, 50% of Park Place Residences’ units were sold within one day of its sales launch.
Demand for the project appears to remain strong, while industry experts eagerly await more updates from the developer on news about its phase 2 sales launch.