Lend Lease will take a 30 per cent stake in a consortium to develop the urban regeneration development site at Paya Lebar Central in Singapore, which was offered for sale under the Singapore Government Land Sales program.

Asia has been earmarked by Lend Lease as a future growth engine and the company already has an interest, through its managed funds, in the Jurong East project, known as JEM and manages a mall, 313@somerset, on Orchard Road.

Lend Lease's chief executive Steve McCann said the latest deal cements Lend Lease's position in the Singapore market.

Last month 1MDB Real Estate (1MDB RE), the master developer for Tun Razak Exchange (TRX) in Kuala Lumpur, and Lend Lease also sealed a partnership to develop the planned international financial district's lifestyle quarter.

The lifestyle quarter has a forecast gross development value of over MYR8 billion at completion, with Lend Lease owning 60 per cent of the partnership and 1MDB RE owning 40 per cent.

Mr McCann said at the time that the lifestyle quarter would be a retail-led mixed-use development of over 17 acres comprising a new retail mall, several residential towers and a hotel connected to a multi-layer central park and the largest MRT station in Kuala Lumpur.

Lend Lease delivered profit after tax for the half year ended December 31, 2014 of $315.6 million and said it would explore more opportunities in Asia.

The latest deal comes as the group reached the top of Tower 2 at its $6 billion Barangaroo South office, retail and residential project. Tower 2 is the first of three commercial towers to be constructed and will be the new home for Westpac bank and lawyer Gilbert & Tobin. Once completed, the area will have an estimated 28,000 visitors and workers on site every day.