Share this article
The famous Geylang Serai market near Paya Lebar adds much colour and culture to its neighbourhood.
Being named “wide swamp” (paya means ‘swamp’ and lebar means ‘wide’, in Malay) doesn’t do much for an estate’s cool factor, but over the years, Paya Lebar has made its mark on the Singapore map. Located in the east, Paya Lebar is bordered by Hougang to the west, Sengkang to the northwest, Tampines to the east, Bedok to the south and Pasir Ris to the north.
From Swampy to Swanky
Back in the day, Paya Lebar was a huge squatter district that eked out a living by pig and poultry rearing and growing vegetables. Slowly but surely, by the end of the 19th century, the swamps made way for new side streets. Shophouses were built and businesses moved in. In 1955, Paya Lebar became home to Singapore’ first international airport and the area’s biggest landmark, though the airport was later relocated to Changi. Interestingly, despite its history, Paya Lebar Street only got its name in 1958 and Paya Lebar Way was only christened in 1972.
After decades of being a somewhat sleepy counterpart to its eastside neighbours, things are finally heating up for Paya Lebar. In 2008, the government announced new plans to develop Paya Lebar Central into a bustling commercial hub. Part of a larger decentralisation plan to move business activities outside the city centre, Paya Lebar was short-listed alongside other commercial hubs like Tampines Regional Centre, Jurong Lake District and Woodlands Regional Centre.
Well connected to the rest of the island via Pan-Island Expressway and the East Coast Parkway Expressway, and major roads like Sims Ave, Paya Lebar Road and Changi Road, Paya Lebar Central is a mere 10-minute drive from the Central Business District. Its MRT station is also an interchange hub for the Circle and East-West lines. In recent years, enhancements to the neighbourhood include more connected covered walkways, underground walkways and overhead bridges.
City Plaza has a reputation for being a Little Indonesia, though hipsters and wholesale bargain hunters pop by, too.
Mix of Old and New
A short walk away from Paya Lebar MRT station is the old-school mall of City Plaza. A favourite haunt of Indonesian workers and bargain hunters who throng its wholesale stores, it represents old Paya Lebar, juxtaposed against its younger neighbours. Paya Lebar Square, a sleek 13-storey office space cum shopping mall just next to the MRT station, offers nearby residents some retail therapy and plenty of food options. Known for its strong Malay heritage, Paya Lebar is also very near to the famous Geylang Serai market, adding to its charm.
When completed, Paya Lebar Quarter will house 10,000 office workers, an array of retail shops and almost 500 residential units. Image: The New Paper
The Next Big Thing
Come 2020, the ambitious $3.2billion Paya Lebar Quarter (PLQ) will breathe new life into the region. Helmed by Lendlease with a 70 per cent investment stake by Abu Dhabi Investment Authority, this 222,757sqf project will have three high-rise tower blocks. The size of eight football fields, it is a mixed development of 429 residential units, Grade A offices housing an estimated 10,000 workers, and 340,000sqf of retail space. Denizens can look forward to “a great range of indoor and experiential alfresco dining set in generous green public spaces”, promised Lendlease. The developer has invested in making the precinct walkable, and will also introduce safe cycling pathways.
Also, its biophilic design with green spaces in the public plaza and promenade seamlessly links to the Park Connector Network, all part of the ethos of integrating nature into city living, “helping to elevate a sense of well-being”. PLQ will offer 100,000sqf of green public spaces. We reminded Lendlease that these will not bring in any rental income; however, they think it is a worthy venture. “PLQ is a pioneering project in Singapore that demonstrates leadership in sustainability, in line with the national agenda — one that is increasingly looking at integrating health and wellness components into a holistic approach to create a sustainable future.
Buyers at Park Place Residences at the Paya Lebar Quarter can look to Dora Road for plenty of green features, set in a revitalised town. Image: Lendlease
Profitable Property
Property prices are predicted to improve as PLQ adds a much-needed shot of rejuvenation. Indicative VVIP launch prices for Park Place Residences (under the PLQ project) is about $900,000 for a 500sqf shoebox unit, to $1,721,600 for a 1076sqf three-bedder.
If you don’t mind a much older condominium, Paya Lebar Residences, which was built in 2002, offers a similarly-sized unit sold for just $1,105,000. For the many small-ish walk-up apartments or condos in the region, prices go from about $790psf to $1,300psf.
Here, the Housing Board flats are more affordable than those in East Coast. Four-roomers at Paya Lebar Way are currently being marketed for about $480,000 for a 979sqf unit. A spacious 1,270sqf five-roomer sold in August 2016 for just $590,000 — a steal compared to the million-dollar units changing hands in Bishan.
Buyers at Park Place Residences at the Paya Lebar Quarter can look to Dora Road for plenty of green features, set in a revitalised town. Image: Lendlease
As with all property investments, one should always consider two points: its value to your lifestyle and value to your investment. In this soft property market, it may be worth considering an undervalued area — like Paya Lebar — that can pay off handsomely in terms of rental yield when a large wave of expected office workers move in. Play your cards right when you buy low, and look forward to a handsome capital yield. In the worst case scenario, you can always hold onto an investment till you can sell it off at a profit.