Renewal of East Coast and the CBD injects new housing options
By EdgeProp Singapore
/ EdgeProp Singapore |
The Marine Parade area could benefit from a lifting of height control for buildings when the Paya Lebar Airbase moves to Changi sometime in the 2030s (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - The URA Master Plan 2019 and the Long-Term Plan Review, with an exhibition which started from June 6, shows upcoming plans for some of Singapore’s most desirable locations and new areas.
It dovetails with the EdgeProp NDP Master Plan Master Class webinar series from Aug 6 to 20. In the final installment of the series, we explore the East Coast and the CBD area, where a major transformation is taking place.
In the East Coast, the concept of a “Long Island” that integrates coastal protection measures with planned future reclamation is being considered. This could include creating a new reservoir to enhance Singapore’s food and water resilience. This is key to safeguarding Singapore’s future given climate change.
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New housing areas coming up across the island of Singapore (Source: URA, Edmund Tie Research)
The “Long Island” can also be developed for new homes and integrated with coastal parks and recreational spaces. It was first envisioned as a reclaimed island for waterfront housing and leisure activities in the 1991 Concept Plan.
Further up the East Coast Parkway is the Bayshore area. Land has been cleared to make way for a new Bayshore precinct that is expected to feature 12,500 homes in the future. It will be an equal mix of public and private housing, with about 6,000 HDB flats and 6,500 private residential units. The new precinct of about 60,000 sq m (645,800 sq ft) will have a pedestrianised main street. “The idea is to promote healthy living in the East Coast area,” notes Bernard Tong, CEO of EdgeProp Singapore. “Priority will be given to walking, cycling and public transport.” (Find HDB flats for rent or sale with our Singapore HDB directory)
Within the Bayshore Precinct are two MRT stations at each end: the upcoming Bayshore and Bedok South stations on the Thomson-East Coast Line (TEL). Bayshore station is part of Phase 4 of TEL, while Bedok South is part of Phase 5 (together with Sungei Bedok). They are targeted to open sometime in 2024 and 2025.
East Coast Park looking towards Bayshore area, where the future Bayshore precinct will be coming up on the right (Photo: Albert Chua/EdgeProp Singapore)
Meanwhile, over the long term, the Marine Parade estate in the East Coast is likely to benefit from the relocation of the Paya Lebar Airbase. Once the airbase is moved, height restrictions for buildings in the surrounding areas can be lifted, for instance in Paya Lebar, Marine Parade or Hougang, Prime Minister Lee Hsien Loong had said at the National Day Rally on Aug 21.
Older buildings in the surrounding areas can therefore be redeveloped. “The change may raise the en bloc potential of some resale condominiums in the areas around Paya Lebar, Marine Parade and Hougang,” comments Christine Sun, senior vice president of research and analytics. “Some of the condominiums launched in the past that are below 20 storeys may have the potential for future redevelopment. These condominiums can be torn down and rebuilt to a much higher level in the future.”
Even the older flats in the Marine Parade Estate could benefit, especially many of those that were built in the 1970s and 1980s. A decade from now, they will be over 50 years old. “Some of these older flats could be redeveloped under Sers (Selective En bloc Redevelopment Scheme) to better optimise the land use since the height restrictions have been lifted and taller flats can be built now,” points out Sun. (See potential condos with en bloc calculator)
Even the older flats in the Marine Parade Estate could benefit, especially many of those that were built in the 1970s and 1980s (Photo: Samuel Isaac Chua/EdgeProp Singapore)
What’s more, the TEL, with a station at Marine Terrace and another station at Parkway Parade, will do much to increase the convenience and connectivity of the area, notes EdgeProp’s Tong. As it is, the rise in resale HDB and resale condominium prices in the East Coast has already surpassed that of the rest of Singapore over the past decade, he adds. And this trend could continue in the future given the long-term plans for the area. (Find HDB flats for rent or sale with our Singapore HDB directory)
Meanwhile in the CBD, the pace of rejuvenation has also accelerated, particularly in the Tanjong Pagar area, which is considered the gateway to the future Greater Southern Waterfront.
With Marina Bay already developed, the government is looking to develop the Marina South, Marina East and Straits View areas. URA intends to capitalise on Singapore’s key assets — “waterbodies and greenery” — to develop the Marina South, Marina East and Straits View enclave into “an attractive live-work-play environment, integrated with efficient transport and quality infrastructure”.
The upcoming Marina South area, with the potential for 10,000 new homes (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The first residential development site at Marina South was released under the 2H2022 Government Land Sales programme. Located at Marina Gardens Lane, the 99-year leasehold site can yield about 795 residential units. It is targeted for launch in December.
URA’s plan is to have more homes in the CBD, and for people to live closer to their workplace, as well as the lifestyle and recreation amenities in the city area, says Desmond Sim, CEO of Edmund Tie. “It’s part of the overall plan to inject more work, live, play components into the CBD, and to make the CBD great again.”
To encourage more mixed-use developments with a wide range of complementary uses to support a live-in population in the CBD, URA introduced the CBD Incentive Scheme with bonus plot ratio for developers as part of the Master Plan 2019. URA also introduced the Strategic Development Incentive Scheme to encourage the redevelopment of older buildings in strategic areas.
Renewal taking place at the existing CBD with the redevelopment of Maxwell House, AXA Tower, Fuji Xerox Towers (Photo: Samuel Isaac Chua/EdgeProp Singapore)
URA has received 12 outline applications under the CBD Incentive Scheme as at April 5, of which eight have been given in-principle approval. Meanwhile, URA has received and given in-principle approval for four outline applications under the Strategic Development Incentive Scheme.
With renewal of the CBD, there will be more housing options and amenities in the City Centre. This could lead to an uplift in capital values in the CBD.
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Check out the latest listings near East Coast, Bayshore, Tanjong Pagar, Marine Parade, Bedok South MRT station
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