It may not have the most glamorous name in the east, but Paya Lebar is catching up with its swankier cousins. We explore its laid-back charm and exciting upcoming projects.
It may not have the most glamorous name in the east, but Paya Lebar is catching up with its swankier cousins. We explore its laid-back charm and exciting upcoming projects.
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, it is bordered by Hougang to the west, Sengkang to the north-west, 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 got its name only in 1958 and Paya Lebar Way was christened only 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 shortlisted alongside other commercial hubs like Tampines Regional Centre, Jurong Lake District and Woodlands Regional Centre.
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 $1.7 million 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 $1.1 million. For the many small-ish walk-up apartments or condos in the region, prices go from about $790 per sq ft to $1,300psf.
Here, the Housing Board flats are more affordable than those in the 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.
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 anundervalued 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.
Text Stella Thng Photography Vernon Wong Art Direction Yew Xin Yi