Lendlease, SingPost, Paya Lebar Square to form pilot Business Improvement District

A BUSINESS Improvement District (BID) in the Paya Lebar Central precinct involving Lendlease, Paya Lebar Square Pte Ltd and SingPost Investments will introduce diverse community spaces for residents and visitors in the eastern part of Singapore.

This will be the first such BID outside the central business district, and the three companies are aiming for greater liveability and interconnectedness, they said in a joint statement on Thursday evening.

The Urban Redevelopment Authority (URA) launched the pilot BID programme in 2017 to support efforts by precinct stakeholders in the private sector to create vibrant districts and attractive public spaces across the country. The Paya Lebar Central partnership will take an experience-led approach, focusing on sustainability, active living and cultural diversity.

For instance, it will encourage environmental stewardship through events and education; landscaped green spaces in the precinct will be enhanced to offer spaces for the community to host a wide range of activities. The three companies will also collaborate with the Health Promotion Board and fitness partners to organise health and wellness events in the precinct.

Paya Lebar Square Pte Ltd is wholly owned by mainboard-listed property developer and investor Low Keng Huat (Singapore). Lendlease is joining the partnership under an entity named Milano Central Pte Ltd.

The BID task force will be chaired by Lendlease's managing director of investment management for Asia, Gan Chong Min.

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Since URA launched the BID programme, five other precincts have been developed in the city centre; they are Marina Bay, Marina Central, Raffles Place, Singapore River and Tanjong Pagar.

URA's director for place management, Jason Chen, said: "We are heartened that the stakeholders at Paya Lebar Central have likewise come together to implement initiatives that leverage the precinct's distinctive character and create authentic places and experiences for people."

Singapore Post's shares rose 0.8 per cent or 0.5 Singapore cent to close at 64 cents on Thursday. Shares of Low Keng Huat were flat at S$0.47.