Phase 1 of Park Place Residences snapped up

Park Place Residences at PLQ, a Lendlease high-rise condominium project, took off with brisk deals on its first day of sales on Saturday.

By the end of the day, 215 units of the 429-unit development were snapped up - representing over 100 per cent of the planned Phase One sales. 

This made the condominium one of the most successful private condominium launches in recent years.

It was the third one to hit the market this year, after The Clement Canopy in Clementi and Grandeur Park Residences in Tanah Merah.

Prices of transactions for Park Place Residences ranged from about S$800,000 for a one-bedroom unit to S$2.1 million for a three-bedroom premium unit.

The official launch of the Park Place Residences came after the government's move earlier this month to ease property market cooling measures that have been in place since 2013.

Under the revisions, each tier of the seller's stamp duty will be lowered by four percentage points and the holding period shortened. In addition, the Total Debt Servicing Ratio will no longer apply to mortgage equity withdrawal loans with loan-to-value ratios not exceeding 50 per cent .

Lendlease had previously announced that it was only releasing the first 40 per cent of units for sale in Phase One, but due to the response from buyers, who queued from early Saturday morning, the developer released another 10 per cent.

Park Place Residences at PLQ is part of Paya Lebar Quarter (PLQ), an integrated development with an upcoming retail mall and offices, slated to be completed and occupied by early 2019.

Patrick Yap, 39, who bought a one-bedder unit as an investment, said: "Together with its convenient location, I am confident that it will attract many tenants."

Huang Zhenbiao, 31, was drawn to the project's convenient location when he bought a two-bedroom apartment.

"The development is on the Paya Lebar MRT interchange, and we can get to the Central Business District quickly," he said.

Tony Lombardo, Lendlease's CEO Asia, said: "The Phase One sales results are an indication that astute buyers recognise Park Place Residences at PLQ as a premium project and location . . . Paya Lebar is positioned as the next growth district of Singapore with increasing demand for new homes, retail and offices."

Lendlease has closed its show suite.

It said that details of Phase Two sales launch will be released later this year.