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Warburg Pincus-Lendlease JV Platform Acquires ~S$1.6 Billion Asset Portfolio in Singapore

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The JV platform jointly established by Warburg Pincus and Lendlease recently announced it has, together with its managed investment vehicle LINO, acquired a ~S$1.6 billion portfolio of assets in Singapore from entities associated with Blackstone and Mr. Lim Chap Huat, Executive Chairman of Soilbuild Group Holdings Ltd. This represents one of the largest transactions of a private portfolio of industrial assets in Singapore.

 

The acquisition marks the first transaction for the JV platform since it was officially launched on 31 July 2024 to focus on life sciences and R&D real estate in Asia Pacific. With a total gross floor area of 4.5 million square feet, the portfolio comprises high-quality business parks and specialist facilities situated within established designated precincts across Singapore, tenanted to blue chip companies across life sciences, technology, advanced manufacturing and logistics. The transaction solidifies the JV platform as the market-leading life sciences and R&D real estate platform in Asia Pacific with over S$2 billion of assets under management, and is consistent with the strategy of capitalising on attractive opportunities in the region’s rapidly expanding real estate sector.

 

Takashi Murata, Managing Director, Co-Head of Asia Real Estate and Head of Japan at Warburg Pincus, said, “We are delighted to be completing this landmark acquisition shortly after establishing the JV platform. The portfolio gives us immediate scale in the tightly held Singapore market, cementing our position as one of the top industrial asset owners in Singapore and reiterating our conviction in the life sciences and R&D sector.”

 

Justin Gabbani, CEO Investment Management, Lendlease, said, “This strategic acquisition underscores our commitment to the rapidly expanding life sciences and R&D real estate market in Asia Pacific. The platform is well-positioned to capture opportunities in the sector. We look forward to building momentum and further scaling the business, as well as driving performance for our investment partners.”

 

 

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Lendlease Previews Podium for Development 

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Lendlease recently gave an exciting preview of its game-changing digital platform solution Podium for Development (P4D) – a transformative digital ecosystem built on common data standards that connect developers, designers, and the supply chain, to deliver higher construction productivity and promote sustainable building methods – together with go-to-market partner Surbana Jurong, developers, partners and stakeholders across the built environment.

 

Instead of the months involved in design using conventional methods, P4D accelerates directly from design to supply by using its automation algorithms to configure optimal designs using a ‘kit of parts’1 defined by manufacturers. This leads to reduced waste in time, cost and materials. At the event held at Google Singapore Campus attended by key players in the industry, many shared the challenges faced by the built environment sector, from persistently low productivity growth to continued supply chain issues. The consensus reached was that we are facing a critical need to transform our conventional building practices and leverage digital innovations like P4D,  along with new ways of thinking including DfMA approaches to build better, faster and more sustainably.

 

With Managing Director of the Global AI Business at Google Cloud Caroline Yap delivering a  keynote on the potential of generative AI in shaping the built environment, it is clear that now is the time for the built environment to reap the benefits of artificial intelligence and machine learning. P4D also signals that digitalisation will enable conventional career opportunities within the built environment to venture into new technology-based career pathways, further cementing  Singapore’s role as a global technology hub for nurturing talents.

 

The recent exclusive look follows the go-to-market partnership announcement with Surbana Jurong in  October to deliver P4D to the global built environment sector. Both parties are in advanced negotiations with other developers in Singapore and internationally, leveraging P4D to design and deliver projects in the future.

 

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Government agencies like the Building and Construction Authority, Singapore Economic  Development Board and JTC Corporation support the vision of a collaborative ecosystem designed to streamline the processes from design to supply, increasing project development certainty and reducing the materials and waste produced with the use of kits-of-parts. JTC collaborated with  Lendlease to jointly develop design digitalisation tools that can automate preliminary industrial building design as Building Information Models (BIM). This function, which is built off P4D, allows for optimisation of the design process and enhanced coordination.

 

In addition, this initiative generates new job opportunities and enhances productivity in the built environment. At an industry level, coordinated and collective action is needed to reduce materials and waste, and consequently embodied carbon, and to deliver more sustainable outcomes for generations to come.

 

According to Richard Kuppusamy, Chief Product Officer and Head of Digital Asia, Lendlease Digital, “The existing approach to creating the built environment is unsustainable. P4D represents the possibilities we can achieve if we can reimagine how we build as an industry. We have a shared  responsibility to adopt a more concerted and collaborative approach enabled by the technology we  have today to build better and more sustainably.”

 

Junie Fo, Vice President and Head, Commercial &  Professional Services, Singapore Economic Development Board said, “P4D is an example of how local businesses and talent in the built environment sector can leverage advanced digital and collaborative tools to enhance productivity and advance sustainable practices. With Singapore as an ideal testbed for innovative digital solutions, we welcome more  like-minded companies to partner with our ecosystem and spearhead new initiatives that will shape  the future of our industries and create new digital roles.”

 

Caroline Yap, Managing Director, Global AI  Business, Google Cloud, adds, “Gen AI has the potential to dramatically transform our modern construction industry. Built entirely  on Google Cloud and Vertex AI, P4D is an AI-powered digital ecosystem and platform which has  the potential to increase the productivity, sustainability and profitability of the digital supply chain,  and in ways we’ve not seen before.”

 

1 Kit-of-parts refer to standardised prefabricated building components in modular dimensions which are applicable to various building typologies.

 

 

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Lendlease Unveils Podium for Development Digital Ecosystem to Build Better and Faster

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Lendlease recently announced that it will be partnering with Surbana  Jurong as the go-to-market partner to deliver Podium for Development (P4D) – a transformative digital ecosystem that connects developers, designers, and the supply chain, delivering high construction productivity and promoting sustainable building practices.

 

Traditionally, the design process requires months of detailed design work and engineering before the building can be drawn and documented to capture the full complexity of the design. After the back-and-forth between many parties in the design process, the plans are then tendered to find a builder. Often, a builder may suggest using different materials or components that do not match the exact design intent. This can lead to additional time and money spent on redesigning to accommodate these changes, resulting in wastage.

 

The inadequate communication and collaboration between stakeholders along the value chain creates design errors which accounted for 38% of construction disputes. Furthermore, only 31% of projects have managed to stay within 10% of their proposed budgets.1  The industry’s annual productivity growth has only increased by 1% over the past 20 years as compared to 2.8% for the total global economy while contributing 40% of the world’s total global greenhouse gas emissions.2

 

By harnessing design automation algorithms and computational capabilities within an open ecosystem, Lendlease aims to facilitate construction using prefabricated components directly supplied by manufacturers. This approach promotes Design for Manufacturing and Assembly  (DfMA), which is more productive and sustainable than traditional methods of construction.

Building from Reality

With P4D, Lendlease seeks to collaborate with other developers globally and unify these fragmented nodes in the building process into an open digital platform that accelerates the entire process from design to supply, enabling DfMA. The platform choreographs advanced computational algorithms to match design requirements with the supplier-defined kit-of-parts to generate building designs. These design models automatically account for building specifications under prevailing regulations such as identified land use, height restrictions and other planning parameters for residential, industrial, commercial and eventually,  mixed-use development applications.

 

P4D allows detailed building models to be automatically generated based on a menu of options which include a number of units for residential developments, the desired floor-to-ceiling height and loading limit for industrial applications and even the estimated cost of the project and timeframe. More importantly, it can generate a building based on the optimal components, and fit for purpose from suppliers. This provides confidence early in the design process which ensures greater accuracies and certainties right from the start.

Creating an ecosystem to drive sustainable outcomes for everyone

Lendlease is in advanced negotiations with other developers and building authorities in Singapore and elsewhere on leveraging P4D to design and deliver projects in the future. The partnership with  Surbana Jurong seeks to deliver this product – drawing on the rich experience and expertise of the wider Lendlease Digital ecosystem in Singapore, Silicon Valley, Sydney and Milan and support by the Economic Development Board of Singapore (EDB) – to the global built environment sector.

 

“As an industry, we need to be building better at speed and in scale. Our ambition for P4D is to re-imagine how we create by changing entrenched methodologies and behaviours. This is why we are working with like-minded partners such as Surbana Jurong and inviting other developers and players in the built environment industry to join us in this journey as we promote the best sustainable building practices that can be replicated and benefit other communities globally,” said Bill Ruh, Chief Executive Officer, Lendlease Digital.

 

“As a multidisciplinary global urban and infrastructure consultancy, Surbana Jurong is heavily vested in smarter ways of designing and engineering that cut costs and time, and optimise precious resources. P4D gives architects, designers and suppliers greater control to drive higher productivity in the built environment sector, as well as net zero and zero waste outcomes at the earliest stages of a project life cycle to reduce embodied carbon levels. We are excited about the prospect of collaborating with multiple project stakeholders on the cloud at the design stage. This is the next big step for the industry to bring Singapore’s Built Environment Industry Transformation  Roadmap to life,” added Yeo Choon Chong, ASEAN Chief Executive Officer,  Surbana Jurong.

 

Richard Kuppusamy, Chief Product Officer, Podium also chimed in, saying, “By generating a structural design in 15 to 20 minutes instead of the months involved in design using current methods, P4D leverages what is replicable and repeatable in building design via computational algorithms and AI. With the possibility of 70% of the building design being automated by P4D, human designers can focus their energy and efforts on more complex and subjective aspects of creativity.”

 

1 KPMG’s report ‘Climbing the curve’.

2 McKinsey Global Institute report – ‘Reinventing construction: A route to higher productivity’.

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Lendlease Calls on Industry to Tackle Built Environment’s Biggest Carbon Challenge

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Global real estate company Lendlease has thrown down the gauntlet at Climate Week NYC – calling on industry peers to expand their decarbonisation efforts by addressing the largest source of the sector’s carbon emissions value chain or Scope 3 emissions. Scope 3 emissions are indirect emissions that occur in an organisation’s value chain and often make up the majority of an organisation’s carbon footprint. They are especially challenging to address in the real estate sector due to limited guidance on Scope 3 reporting boundaries. The built environment currently contributes approximately 40 per cent of global carbon emissions. In Southeast Asia, the sector accounted for almost a quarter (23%) of emissions,  according to a report by PwC. Markets in Asia are also taking steps to create greater transparency and accountability for managing carbon emissions by the built environment sector.

 

In Singapore, listed and non-listed companies may soon be required to report climate-related disclosures based on International Sustainability Standards Board (ISSB) standards. In Japan, plans are being made to draft sustainability disclosure standards based on the ISSB framework. Lendlease is on track to achieve Net Zero Carbon (Scope 1 & 2) in Asia by 2025. With approximately 90% of total carbon emissions by Lendlease globally attributed to Scope 3 emissions – from upstream activities, such as the manufacturing of building materials and downstream activities, such as emissions from the use of electricity and natural gas by building tenants – Lendlease is turning to tackle scope 3 emissions in its journey to reach  Absolute Zero by 2040.

 

To help accelerate the pace and scale of decarbonisation and contribute to the conversation on establishing consistent and comparable Scope 3 reporting boundaries across the real estate sector, Lendlease has launched its Scope 3 Protocol during discussions at Climate Week NYC. With the launch of the Protocol, Lendlease is calling for others in the industry – including developers, builders and construction material manufacturers – to turn their focus to addressing Scope 3 emissions, accelerating the shift to a low-emissions future. Lendlease is also calling for an industry-wide data-sharing platform to enable the secure exchange of digitised, verified Scope 3 emissions data across vast value chains.

 

“The Protocol is a seminal piece of work on our pathway towards Absolute Zero – with no offsets – by 2040. To know where to focus our decarbonisation, we need to first know how we are accounting for our Scope 3 emissions – what is material and therefore, what is in and out of scope. We want the Protocol to spark conversation and engagement across our sector, to help drive to a consensus on how to account for and report on Scope 3 emissions. If we can achieve this, then we can collaborate as an industry to solve the two big systemic challenges: the decarbonisation of harder-to-abate materials, and the digitisation and sharing of Scope 3 emissions data. The Protocol is intended as an important first step towards that outcome,” said Cate Harris, Group Head of Sustainability & Lendlease Foundation, Lendlease.

 

“Carbon is a new currency that the built environment sector is only beginning to grapple with. It is wonderful that Lendlease is taking the lead with active efforts to address and eliminate Scope 3 emissions without the use of offsets. This will send a strong message to the entire value chain and create the lead demand for low-carbon materials, as well as catalyse more industry collaborations to comprehensively and collectively address built environment carbon emissions. SGBC looks forward to supporting Lendlease’s efforts with our growing toolbox of carbon-centric initiatives, such as the newly launched Embodied Carbon in Buildings Calculation Guide,” said Yvonne Soh, Executive Director, Singapore Green Building Council.

 

Image Credit: Climate Week NYC via Facebook

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Lendlease Embarks on Ambitious Road to Absolute Zero Carbon by 2040 with Launch of Decarbonisation Roadmap for Asia

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Multi-prong impact-driven approach to reduce scopes 1, 2 and 3 carbon emissions drive long-term value for the planet, partners and the community

In October 2021, Lendlease announced its Mission Zero Roadmap for Asia as part of its commitment to becoming a 1.5°C aligned company and achieving Absolute Zero Carbon by 2040. The roadmap details steps that Lendlease will take across its business in Asia to achieve its Mission Zero ambitions – Net Zero Carbon by 2025 and Absolute Zero Carbon by 2040. In Asia, Lendlease will undertake a multi-pronged approach by reviewing the fuels burnt, power consumed, materials and services purchased and tenant emissions at its projects, assets and across operations. This includes:

1. Reducing Scope 1 emissions, which are direct emissions from Lendlease-owned and controlled resources, produced directly from fuels burnt.

  • Initiatives include trialling alternative onsite fuels, increasing use of electric construction plant and equipment, and use of battery storage and charging infrastructure.
  • For example, the team will be using biodiesel on generators at one of Lendlease’s redevelopment projects

2. Reducing Scope 2 emissions, which are indirect emissions from the generation of purchased energy from a utility provider, produced by the power consumed.

  •  Initiatives include increasing renewable electricity incrementally to reach 100% by 2030, increasing onsite solar generation on our assets and integrating renewable energy infrastructure on all new developments.
  • Lendlease prioritises the health and wellbeing of its employees and will only occupy high-performance buildings for its workspaces. For instance, 100% of Lendlease’s assets in Singapore have achieved a Green Mark Platinum rating.

3. Reducing Scope 3 emissions, which are all indirect emissions that occur upstream and downstream of Lendlease’s value chain, through the review of materials and services procured.

  • Initiatives include investing in R&D and collaborating with suppliers to eliminate embodied carbon in construction materials procured.
  • For example, Lendlease is part of the Singapore Green Building Council’s Embodied Carbon Taskforce and signed the Embodied Carbon Pledge to Act, working with industry peers and partners to reduce upfront emissions from the manufacture of building materials.

4. Reducing Scope 3 emissions from tenants

  • Initiatives include partnering with tenants to reduce their emissions and developing next-generation green leases.
  • For example, 100% of tenants in Lendlease’s malls in Singapore are on Green Leases, which promotes energy efficiency.

Lendlease-managed funds achieve top accolades at the 2021 GRESB rankings

Meanwhile, Lendlease has again retained its top positions in the 2021 GRESB Real Estate Assessment in the Asia Retail category, continuing its momentum in maintaining its sustainability leadership in the built environment. GRESB is an investor-driven benchmark and reporting framework for the global real estate and infrastructure industry based on environmental, social and corporate governance performance. More than 1,500 property companies, REITs, private equity funds and real estate developers representing US$5.7 trillion of AUM participated in this year’s assessment.

All Lendlease’s non-listed funds clinched top spots in the Asia Retail (Non-Listed) category by coming within the top 5 positions, while Lendlease Global Commercial REIT (LREIT) emerged top in both the Asia Retail (Listed) and Asia Retail (Overall) categories. LREIT retains its status for the second year as Regional Sector Leader in both Asia Retail (Overall) and Asia Retail (Listed) categories. Likewise, Parkway Parade Partnership (PPP) clinched its status as Regional Sector Leader in the Asia Retail (Non-Listed) category. These top rankings are a clear testament to Lendlease’s longstanding commitment to integrating sustainability into business operations.

Justin Gabbani, Chief Executive Officer Asia, Lendlease, said: “In line with our commitment to becoming a 1.5°C aligned company, our Mission Zero roadmap cuts across our integrated business in development, construction and investments. We recognise the importance of setting targets with a clear plan to set our sights on a more sustainable future and create communities that can thrive.”

He added, “We are proud to be recognised by GRESB as Regional Sector Leaders in Asia, underscoring our efforts to champion environmental stewardship and the wellbeing of our community. These form strong fundamentals which will stand us in good stead as we continue to achieve excellence in sustainability.”

Lendlease Appoints New Asia CEO and Chief People Officer

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Lendlease recently announced the appointment of Justin Gabbani as the Group’s Chief Executive Officer, Asia based in Singapore, as well as Deborah (Deb) Yates as its Chief People Officer, based in Sydney. The appointment of Justin Gabbani as Chief Executive Officer, Asia, follows current Asia CEO, Tony Lombardo, being appointed to the role of Group Chief Executive Officer Designate in February 2021. Deb Yates’s appointment as Chief People Officer follows the resignation of Group Head of People & Culture, Alex Christie.

Chief Executive Officer, Asia

Justin joined Lendlease in 2003 and most recently held the role of Chief Financial Officer, Asia. In this position, Justin was responsible for key functions across Asia including finance, investment & capital markets, research, and strategy. Prior to this role, Justin held the role of Head of Investment & Capital Markets (Asia and Europe) responsible for investments, capital raising, investor relations, product development and research across both Asia and Europe. During his time with Lendlease, Justin has held various roles in the Investment Management and Development businesses. Justin commences his new role on 1 June 2021. A selection process is underway for his successor.

“I would like to take this opportunity to congratulate Justin and Deb on their respective appointments. Their demonstrated skills and expertise will bring valuable new perspectives to Lendlease’s global leadership team as the Group continues to execute against its record $110 billion global development pipeline,” says Group Chief Executive Officer, Steve McCann.

Chief People Officer

Deb joins Lendlease as the Group’s Chief People Officer following a 25-year career working across all areas of HR. In her current role as KPMG’s National Managing Partner for People and Corporate Affairs, Deb has led its people strategy with a particular focus on creating a mentally healthy culture that empowers people to successfully execute the organisation’s strategy.

Prior to joining KPMG, Deb was Chief HR Officer at Reckitt Benckiser, a FTSE Top 15 company with more than 40,000 employees across 60 countries. This included leading the talent agenda, culture and major projects including integrating significant acquisitions. Her career with Reckitt Benckiser began in Australia and took her to the Netherlands, the US and the UK. She commences her new role on 1 July 2021.

“As our newly appointed Chief People Officer, Deb comes to Lendlease with more than 25 years’ experience leading the people functions of a range of high-profile organisations and companies. Deb’s strong track record in working alongside people to develop their skills and capabilities, as well as driving inclusion and diversity, makes her well placed to make a significant contribution to our 9,500-strong global workforce,” says Group Chief Executive Officer Designate, Tony Lombardo.

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Lendlease Cracks World’s Top 10 Innovative Companies List

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A dedication to innovation, coupled with a commitment to sustainability and the adoption of digital technologies, has resulted in Fast Company ranking Lendlease as one of the world’s most innovative companies. Fast Company is a global media brand with a focus on innovation in technology, leadership and design. Each year it honours those companies making a profound impact in the sectors in which they operate. Previous recipients include Microsoft, Walt Disney Company, Apple and Patagonia.

This year, Lendlease has ranked 9th in the Urban Development category on the 2021 Most Innovative Companies list. Lendlease’s mission has always been to create places that leave a positive legacy with a focus on health, innovation and sustainability. In recent years, the company has achieved three world firsts and three Australian firsts in sustainability:

  • The world’s largest collection of healthy workplaces in one portfolio
  • The world’s largest collection of sustainable Senior Homes
  • World’s most sustainable real estate fund –for the fifth time (APPFCommercial)
  • Australia’s first carbon neutral construction service
  • Australia’s first carbon neutral precinct (Barangaroo, New South Wales)
  • Australia’s most sustainable community (Alkimos Beach,Western Australia)

Lendlease continues to build on this success. In July 2020, it launched Lendlease Podium, a property lifecycle platform that aims to provide insights and clarity from data capture unlike anything the property and construction industry has seen before. Harnessing technology like Podium means Lendlease will be able to optimise its choice of partners, suppliers and sustainable materials, creating less material waste and choosing and harnessing renewable energy sources. Identifying and partnering with green suppliers further enables Lendlease to accelerate its innovation footprint and progress on its commitment to be a 1.5-degree-aligned company.

Lendlease has always played a pivotal role in shaping the future of the built environment industry, striving to becoming more efficient whilst driving positive changes on both innovation and sustainability fronts. Tapping into the transformative power of digitalisation will only help us accelerate transformation within the built environment ecosystem, realise our economic and sustainable ambitions of the industry and ultimately revolutionise how we build in the next decade and beyond,” said Tony Lombardo, Chief Executive Officer, Asia, Lendlease.

Lendlease Announces US$1 Billion Data Centre Partnership

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Leading international property and infrastructure group, Lendlease, has announced a partnership to invest in data centres across the Asia Pacific region.

The partnership will be funded 20 per cent by Lendlease and 80 per cent by a large institutional investor. The initial equity commitment by the parties is US$500 million, combined with leverage will enable the partnership to invest US$1 billion in the sector. Completed assets and new development opportunities will be targeted across Australia, China, Japan, Malaysia and Singapore – all markets in which Lendlease has a significant presence.

Lendlease’s integrated capability across development, construction and investment is well placed to execute on the significant growth forecast for the data centre sector. Accordingly, Lendlease has been appointed as development, construction, property and investment manager for the partnership.

Lendlease’s CEO Asia Tony Lombardo said, “A data centre platform is a strategic fit for the Group, aligning with our targeted key trend of infrastructure, our telecommunications strategy and our integrated business model. This partnership will enable us to leverage our track record of project managing, designing and building data centres with the strong growth potential for this sector, which is evolving into a mainstream real estate asset class.”

Commencement of the partnership is subject to the relevant regulatory approvals.

Lendlease Recognised For Health And Safety Efforts at WSH Awards 2018

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Lendlease continues to be recognised for its exemplary health & safety efforts at the Workplace Safety & Health Council’s Workplace Safety & Health (WSH) Awards 2018. For the third consecutive year, Lendlease’s Retail business is being awarded the WSH Performance (Silver) award. Two construction projects undertaken by Lendlease are also receiving the Safety and Health Award Recognition for Projects (SHARP).

Lendlease’s Retail business manages the malls 313@somerset, Jem and Parkway Parade. While not a sector traditionally associated with workplace safety, Lendlease-managed malls have gone the distance to implement initiatives to keep shoppers safe. For example, the malls’ operations teams regularly engage tenants to raise awareness on fire safety, as well as work with WSHC to bring retailers onboard the bizSAFE journey.

Lendlease’s Head of Environment, Health & Safety, Assurance, Reggie Lim, “We believe everyone has the right to go home safely to their loved ones at the end of the day. As a developer, builder and asset manager, we embrace a proactive and holistic approach to managing risks in relation to design, construction, facilities management and asset management. This includes working closely with all stakeholders within the property value chain to create places with safety as a top priority.”

The two SHARP awards are in recognition of Lendlease’s delivery of two projects for biotech giant Amgen – construction of its Next-Gen Workplace building and expansion of an existing manufacturing facility. Lendlease provided engineering, and project and construction management services on the projects.

Mr Lim added, “As part of our operating culture, Safety, Quality and Excellence in delivery go hand-in-hand. Through the use of integrated digital delivery and tools such as BIM (Building Information Modelling) for design coordination, documentation and sequencing, we are able to improve construction, safety and quality outcomes on projects. Another focal area is workplace traffic safety management, where we put in robust measures to segregate vehicles and pedestrians and keep pedestrians safe on our projects.”

New Business District Takes Shape as Lendlease’s First Commercial Office Tower Tops Out

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Paya Lebar Quarter (PLQ) by Lendlease marked a significant milestone today with the successful construction topping out of its first office tower structure at a ceremony graced by Minister for National Development Lawrence Wong. The S$3.2 billion mixed-use development, set to transform Paya Lebar into Singapore’s newest business hub, is well progressed, having secured strong pre-commitment for its office, residential and retail components.

 

 

Strong interest and demand for PLQ office, retail and residential
As the most centrally located business hub outside the core city centre, PLQ’s three office towers will provide close to one million square feet of Grade A prime office space. Currently, over 50 percent of this space is either leased, under final offer or in advanced negotiations. Prospective tenants include leading corporations from the financial services, infrastructure, real estate and co-working solutions sectors, as well as a premium gym. The office towers will be progressively completed and are on program to be occupied from September 2018.

With a projected annual footfall of close to 45 million, the new four-hectare PLQ office, residential, leisure and retail development will be one of the largest business and lifestyle precincts in Singapore. PLQ mall, which is due to be occupied from late 2018, is already over 40 percent pre-committed, including shops and restaurants leased or under final offer.

Over 400 new apartments are also being developed at PLQ providing a modern connected lifestyle with excellent facilities. The first phase was launched last March with all 210 allocated units sold in just one day and the second phase is now eagerly anticipated to be released in coming months.

Mr Tony Lombardo, CEO, Asia, Lendlease, commented: “The significant market demand Lendlease has received for PLQ signals a sustained market appetite in Singapore for quality integrated business and lifestyle precincts underpinned by excellent public realm, superb connectivity and designed with people foremost in mind. PLQ represents the best of inclusive urban spaces and workplace ecosystems for seamless and vibrant lifestyles, where people want to work, live, dine and shop.”

Singapore’s most centrally located commercial hub outside the city centre
Leveraging Lendlease’s expertise in urban regeneration, PLQ is a key catalyst to the plans to transform Paya Lebar into a bustling, pedestrian-friendly new city precinct and a dynamic business hub. It is 1 of 13 major urban regeneration projects across key international gateway cities undertaken by Lendlease, as part of its global development pipeline estimated at over S$50 billion as at 30 June 2017.

In alignment with the government’s drive to bring businesses and jobs closer to home, PLQ will deliver a complete ecosystem representing the best in placemaking by integrating Grade A workplaces with a diverse range of lifestyle, entertainment and recreational activities within an active, green and engaging environment.

Ms. Ng Hsueh Ling, Lendlease’s Managing Director for Singapore commented: “The workplace of the future is going to be more mobile, flexible and wellness-centric. To attract and retain the best talent, progressive companies will require sustainable modern workplaces which leverage technology to benefit its employees and enhance productivity.”

To address the growing demand for flexible spaces in Singapore, up to 15 percent of the available office space across PLQ’s three office towers is proposed to house co-working facilities designed to cater to both smaller space users like start-ups and established SMEs with larger headcount requirements.

Mr Richard Paine, PLQ Managing Director, Lendlease, commented: “This approach is designed to support the agility of businesses within a flexible co-working and business environment. Companies at PLQ will benefit not just from the superb transport connectivity here, but a complete ecosystem designed to support corporate, professional and lifestyle needs.”

To enable the projected 10,000-strong future workforce at PLQ’s three office towers to collaborate and connect beyond their office, employees will have access to approximately 100,000 square feet of public landscaped green spaces, which will be Wi-Fi-enabled. They will also enjoy convenient access to over 200 shops at PLQ mall with quality retail, entertainment and F&B options including a range of alfresco dining choices.

Additionally, PLQ will provide walking and cycling paths integrated into the wider Park Connector Network (PCN) and premier end-of-trip facilities including showers, towel service and secure lockers to enable employees to adopt healthier and more flexible commuting options.