SINGAPORE: Prime waterfront living will become more accessible, as development plans for Singapore’s city centre set aside land for housing, said real estate analysts.
But these locations are likely to come with a higher price tag, they stressed.
In his maiden National Day Rally speech last Sunday (Aug 18), Prime Minister Lawrence Wong highlighted five residential and mixed-use precincts to be developed near the waterfront.
Mr Wong said these redevelopments are major investments and will take decades to bear fruit, but it is critical to lay the foundations for a better Singapore now.
PRIME WATERFRONT LIVING
For instance, more than 10,000 new homes will be built at Marina South and Marina East. These areas can be sustainable and car-lite precincts, with cycling networks and pedestrian-friendly streets.
At Tanjong Rhu, which is currently made up of private housing, new Housing and Development Board (HDB) flats will be introduced so more Singaporeans can access affordable homes near the city centre.
The precincts of Nicoll and Kampong Bugis, which are near historic districts, will have new residential and recreational uses.
They are either in the city area or they are at the fringe of the city area, but I believe the government also has the intention to build communities there that are more inclusive and not just sell the land to private developers to build private condominiums or mixed-use developments,” said Mr Nicholas Mak, chief research officer at property search portal Mogul.sg.
“The value or the price also depends on what kind of restrictions the government is going to put on the new developments there.”
HDB flats that will be built in these locations are likely to be in the Prime category, he added, referring to a classification of Build-To-Order (BTO) projects with the tightest sale conditions.
“They will probably come with a longer minimum occupation period and also other restrictions.”
Mr Mak believes prices for four-room BTO flats in the Nicoll and Kampong Bugis precincts, for instance, if launched within the next few years, could range from “S$800,000 (US$611,000) to just shy of S$900,000”.
“It’s very likely not to cross that million-dollar benchmark,” he said, adding that there would be little impact on existing housing prices, as the plans will be implemented gradually and over a long period.
Source: CNA
