In 2019, the latest URA Master Plan and the Land Transport Master Plan 2040 (LTMP 2040) were released. In first formulating and then implementing these various Master Plans, the Singapore government has been and will continue to indirectly influence the relative levels of property prices in different locations within the country. This is because “chosen” locations will inherently benefit – more than other locations – from the planned economic, recreational and infrastructural developments.
In other words, while the Government may continue to manage / control property prices across the board – at a macro level – via policy intervention (ie. cooling measures – of which Singaporeans have no control over), we should be alert to the opportunities – at the local level – created by the Government’s development plans. There may be opportunities to ride on the “ascent” of selective locations that will benefit most from the progressive implementation of the various master plans.
In property purchase decisions at least, it may pay to be on the same side as the government !
* GREATER CBD *
Even though the city centre is the most developed part of Singapore today, the government is striving to rejuvenate (and expand) Singapore’s CBD to keep it competitive and vibrant. The stakes are high, in Singapore’s quest to be the top global financial centre. Under the URA Master Plan 2019, parts of the traditional CBD will offer an increase in gross plot ratio (GPR) for the conversion of existing office developments to hotel and residential use. The URA also wants to increase the Central Area’s live-in population and is planning for more integrated developments (mix of residential, office, retail and/or hotel) in the increasingly seamless Downtown, Marina Bay and Beach Road/Rochor corridors. Eventually, I see D1, D2 and D7 gradually coalescing to form the Greater CBD area, which will increase in vibrancy and hype – as the government’s incentives and action plans gradually unfold over the next decade. Click here for details, including selected new launches such as Guoco Midtown Bay, Marina One Residences, South Beach Residences, Wallich Residence, The M (@ Middle Rd), etc
Although the URA Master Plan 2019 tries very hard to cater to every Singaporean in every part of Singapore, it is undeniable that the most exciting / important development in Singapore’s urban planning framework is the Greater Southern Waterfront project. In the longer term, the “centre of gravity” of Singapore’s property market may shift further southwards towards the waterfront, considering that the existing Core Central Region (CCR) is already dominating the southern part of Singapore. Click here for details, including selected new launches such as Corals @ Keppel Bay, Reflections @ Keppel Bay, Marina Collection @ Sentosa Cove, BIJOU, etc.
* HOLLAND VILLAGE *
Under the URA Master Plan, the traditionally sought-after Holland Village area is poised for rejuvenation, as it has been designated as an “identity node” in order that future new developments will continue to preserve its charm and ambience. 3 plots of land have been designated for largely mixed-use developments yielding a total of 1500 homes. New developments at Holland Village will be designed along intimate laneways and courtyards to add new residences, retail and lifestyle uses and add to the charm of Holland Village. Click here for details, including selected new launches such as One Holland Village Residences, Van Holland, Hyll on Holland, Parksuites, etc.
The Amber Road / Meyer Road area is traditionally one of the most sought-after precincts in D15, as it is right at the heart of the East Coast / Katong district. Developers are timing the completion of a number of new condos to coincide with the opening of the Tanjong Katong / Katong Park MRT stations along the Thomson-East Coast Line in 2023. Meyer Road is home to many exclusive landed properties and close to the city centre, while the Amber Road area is very close to I12 and Parkway Parade mall, where an underground pedestrian shopping mall will be built to connect the upcoming Marine Parade and Marine Terrace stations. Expected completion date is 2023 too. Click here for details on Amber Rd and Meyer Rd areas, including selected new launches such as Amber Park, Meyer Mansion, Amber Skye, etc.
* BUKIT TIMAH ROAD *
This stretch of Bukit Timah Road from Newton MRT to King Albert Park MRT is becoming more and more sought-after, as the Downtown Line is expected to continue boosting property prices in this traditionally highly-prized neighbourhood that is already populated with good schools. Along this stretch of the Downtown Line, Botanic Gardens MRT station is an interchange station with Circle Line, while Newton MRT station is an interchange station with North-South Line. By 2021, Stevens MRT will become an interchange station with the upcoming Thomson-East Coast Line, thus further boosting connectivity in this stretch of Bukit Timah Road. Click here for details, including selected new launches such as Kopar At Newton, Royalgreen, Fourth Avenue Residences, Juniper Hill, Mayfair Gardens, Mayfair Modern, etc.
With the expected opening of the Orchard Boulevard station and Orchard interchange station, as part of the Thomson-East Coast Line in 2023, the Orchard Boulevard area will be the rising star of the property market in the years to come. Note that as part of the Orchard Road masterplan, a number of mixed-development 99-year leasehold sites atop the upcoming Orchard Interchange station will be offered under the GLS program in the years to come.
In addition, a grand plan is currently in the works to shape the development of Singapore’s premier shopping belt over the next 15 to 20 years. A committee headed by three ministers has been formed to drive the rejuvenation of Orchard Road as a shopping and lifestyle destination for both tourists and Singaporeans alike. There is much at stake because the retail industry is an important part of the Republic’s economy, with 23,000 retail establishments chalking up operating receipts estimated at S$35 billion in 2016. If these initiatives bear fruit, the Orchard Road area and vicinity is expected to remain as a prime property district – counterbalancing the pull of the Greater Southern Waterfront.
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Mike Tan | CEA Regn. R059706Z | 98280030
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