Paya Lebar Quarter (PLQ) has added two new tenants - local insurance companies Great Eastern and NTUC Income - for its Grade A office space.
Slated for completion in 1H2019, PLQ comprises a retail complex with 200 shops, three Grade A office towers spanning one million sq ft, and three residential towers with 429 units.
Great Eastern has leased roughly 125,000 sq ft across four floors in office Tower 3 of the development, while NTUC Income will occupy 55,000 sq ft across two levels of office Tower 2 of PLQ.
Meanwhile, listed office outsourcing company IWG is reportedly in talks to lease about 52,000 sq ft in office Tower 1 for Spaces, the co-working business that it bought in 2015.
Also occupying office Tower 3 are SMRT, leasing 97,000 sq ft across three levels, and property consultancy CBRE, taking up 31,000 sq ft or one office floor. CBRE will house 600 employees at its dedicated innovation centre at PLQ, focused on testing and developing proptech solutions for clients.
In January, Australian property group Lendlease announced that over 50% of PLQ’s office space was 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.
PLQ is located next to Paya Lebar MRT station, and is a 30:70 joint venture between Lendlease and Abu Dhabi Investment Authority. The office spaces are expected to be completed in 3Q2019.