Lend Lease's top bid in Paya Lebar honed by its Jurong experience

Singapore

AUSTRALIAN group Lend Lease's top bid on Tuesday for the Paya Lebar Central site has been termed "aggressive", "bullish" and "very optimistic" by some property consultants.

However, the group's pioneering experience at another regional commercial hub, Jurong East, where it developed the Jem retail and office project, may have boosted its confidence in Paya Lebar.

Entities linked to Lend Lease bid S$1.67 billion or S$942.56 per square foot per plot ratio (psf ppr) for the 99-year leasehold site at Paya Lebar, which comes with a minimum office component, as well as a maximum retail component. The group is expected to include apartments in the project as well.

And with its fund management capabilities, it would not be surprising if Lend Lease ropes in some distinguished well-heeled partner or partners in …