The remaking of Paya Lebar Central is taking shape with the ground breaking of a new 13-storey commercial project, on Tuesday.
Paya Lebar Central has been earmarked by the government for development as a commercial hub, under its 2008 Master Plan.
At the ground breaking ceremony of Paya Lebar Square, its developer said 75 per cent of the office space has been committed.
The S$1 billion development will house 430,000 square feet of office space when it is completed in the third quarter of 2014.
Its developer added there will also be 95,000 square feet of retail space at Paya Lebar Square, that is about half the size of Tiong Bahru Plaza.
Speaking at the event, Minister of State for National Development Tan Chuan-Jin said he welcomes private-sector partnership in the remaking of the Paya Lebar and Geylang Serai precincts.
“Paya Lebar Central is one of the key growth areas identified by the government to be developed into a new community space, with a mix of office, retail, hotel and attractive public spaces,” Mr Tan said.
“With about 12 hectares of land available for development and a potential commercial floor space of more than 500,000 square metres, Paya Lebar Central is envisaged to be a sizeable pedestrian-friendly hub at the fringe of the city with a distinct cultural identity.”
Source : Channel NewsAsia – 27 Mar 2012