URA Master Plan 2019
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 developments in Singapore’s urban planning framework over the next 5-15 years are the following:
1. Greater Southern Waterfront project
2. Rejuvenation of the CBD through bonus plot ratio incentives
3. Rejuvenation of the Orchard Road area
In the longer term, the “centre of gravity” of Singapore’s property market may thus shift further southwards, even within the Core Central Region. Click here for details of the URA Master Plan 2019.
Orchard Road area is expected to remain prime
For years, Orchard Road has suffered from a cookie-cutter syndrome, with previous initiatives (including late night shopping and monthly pedestrian night) doing little to boost retail sales. However, a grand plan is in the works to shape the development of Singapore’s premier shopping belt over the next 10 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. Note that as part of the Orchard Road masterplan, a number of mixed-development sites atop the upcoming Orchard Interchange station (NS line and TEL line) will be offered under the GLS program, which will inject further vibrancy in the area.
If these initiatives bear fruit, the Orchard Road area and immediate vicinity is expected to remain as a prime property district – counterbalancing the pull of the Greater Southern Waterfront.
Looking for a home in District 9?
Both HAUS ON HANDY and 8 ST THOMAS sit squarely — and close to each other — at the heart of this prime locality.
HAUS ON HANDY — A new residential development by CDL, it is located at Handy Road, just next to Dhoby Ghaut MRT and Plaza Singapura. In Jan 2018, CDL won the URA land tender with a top bid of $212.2 million, working out to S$1,722 psf ppr. The exciting part of this project is that as part of the URA tender, the heritage house on the top of Mount Sophia is to be preserved. CDL will redevelop it to be the condo’s centrepiece clubhouse (Club Haus), which will co-exist with the new residential towers on the slope of land whose ingress and egress is on Handy Road. Residents will find Club Haus to be one of the highlights of living at Haus on Handy, apart from the project’s excellent location at the heart of Orchard Road. If you look at the MRT map of Singapore, it is unmistakable that Dhoby Ghaut station is positioned at the heart of the country’s MRT network, being the interchange station of the East-West, North-South and North-East MRT lines.
8 ST THOMAS — Developed by Bukit Sembawang Estates and located at St Thomas Walk, this freehold residential development obtained its TOP in 2018. It has all the attributes that buyers seek in prime developments — a large plot that offers lush landscaping and full condo facilities, coupled with exclusive living and great accessibility. In Singapore, new projects on freehold land of more than 200 units are now becoming very rare, especially in the Core Central Region. 8 St Thomas is within walking distance of two MRT stations — Somerset and the upcoming Great World, which also means that the Orchard Road shopping belt, the Killiney Road eateries and the Great World City shopping mall are within easy reach.
Mike Tan | CEA Regn. R059706Z | 98280030
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