Singapore's new blueprint will give residents more flexibility to choose ideal home: Analysts
SINGAPORE: Singapore's latest draft masterplan will give residents greater flexibility in choosing an ideal living environment across the island, with amenities – as well as workspaces in some cases – located nearer homes, said analysts.
The new masterplan – Singapore's land use development blueprint for the next 10 to 15 years – focuses more on creating an environment that fosters a healthier and more active lifestyle, supports the Republic's ageing population and addresses the challenges of climate change, they added.
Christine Sun, chief researcher and strategist at property agency OrangeTee Group, said there is a bigger emphasis on an environment that enhances the quality of life for Singaporeans through the provision of more homes with access to sea, river and park views, as well as more parks and amenities, and the preservation of heritage buildings and cultural sites.
Furthermore, there is a dedicated effort to build new sports facilities closer to residential areas to encourage a healthier lifestyle, Sun said.
This means that Singaporeans will have a more diverse array of housing options to suit their needs, be they near the city centre, schools, parks or waterways.
With each community designed to be better connected with essential amenities, this ensures convenient access to schools, healthcare facilities and recreational areas wherever residents choose to live, added Sun.
'All these initiatives will help to create a more balanced, sustainable living experience for all residents, regardless of age and budget,' she said.
At least 80,000 public and private homes will be introduced across more than 10 new housing areas in the next 10 to 15 years, with new neighbourhoods planned in areas such as Dover, Defu, Newton and Paterson. Integrated community hubs with sports facilities, healthcare and community spaces are also in the works for Sengkang, Woodlands North and Yio Chu Kang.
Marcus Chu, chief executive of real estate agency ERA Singapore, said that with more housing estates catching up in terms of amenities and accessibility, housing demand may start to be spread more evenly across Singapore.
This could, in turn, lead to more even price growth across different regions.
More land parcels around MRT stations and more business hubs are also being planned outside the Central Business District to bring work closer to homes, spread the load on the transport network and reduce the need to set aside land for roads, said Mark Yip, CEO of property firm Huttons Asia.
One such example is the greater one-north precinct, which has developed into a bustling research-and-development hub with more than 50,000 knowledge workers.
Lee Sze Teck, Huttons' senior director of data analytics, said there is therefore a need to provide more homes so that the workers can live near their workplaces. 'This will reduce travelling time and stress on the transport network,' he added.
The Dover-Medway neighbourhood in the precinct could see 6,000 new public and private homes built in the first phase, while some 5,000 new private homes could be introduced in Mediapolis, which is also in the area.
Sun said building more homes in Dover-Medway and Mediapolis will in turn attract more workers, researchers, students and expats to live there, and support business growth in the area.
Ismail Gafoor, CEO of property firm PropNex, said land use for three plots in Ayer Rajah Crescent, near Media Circle in one-north, has been changed from business park to residential, with commercial use on the first storey.
That should bring more amenities to Media Circle, which is set to see more high-density housing.
In addition, two sites in the nearby Singapore Science Park II have been updated from business park use to residential. This ties in with the ongoing rejuvenation of the Science Park, he added.
In the heart of town, Paterson – on the doorstep of Orchard Road – could get 1,000 new private homes as part of an integrated development with retail, food and beverage and office spaces above Orchard MRT station.
Sun said expanding the residential landscape in the Orchard Road precinct is a good move due to the scarcity of available land in prime areas.
New government land sites in prime areas – especially near Orchard Road – are quite rare, and it has been many years since The Orchard Residences, an integrated development near the heart of Orchard, was launched, Sun noted.
But given the luxury property market's slower growth, some of these new sites may be placed on the reserve list of the Government Land Sales (GLS) programme, she added. Such sites are launched for sale when a developer offers a minimum price that the Government accepts, or when there is enough market interest.
Lee pointed out that the land parcel above Orchard MRT station has been rezoned to a white site, and the plot ratios have been bumped up. White sites refer to land parcels designated for mixed-use development and allow for flexibility in development plans, while plot ratios measure how intensively land can be developed.
'This is a prime opportunity to build an iconic shopping and residential project as the last GLS site above Orchard MRT was Ion Orchard and The Orchard Residences in 2005,' he said.
But the 60 per cent additional buyer's stamp duty on foreign buyers may not give developers the confidence to bid for that site if it is launched for sale, Lee added.
Meanwhile, Catherine He, head of research at commercial real estate services firm Colliers, said sites including Paya Lebar Air Base (PLAB), Sembawang Shipyard and the former Singapore Racecourse in Kranji were chosen for redevelopment into housing estates to optimise land use for the maximum benefit of residents, and relocate industrial and commercial activities farther out.
In particular, the relocation of PLAB in eastern Singapore from 2030 will be a game-changer, said real estate consultancy Knight Frank Singapore's research head Leonard Tay.
With about 800ha of land to be freed up for the development of residences, offices, factories and recreational areas, this means that building height restrictions imposed for the safe navigation of aircraft in surrounding towns could be lifted.
Although higher plot ratios around PLAB have not been announced in the latest draft masterplan, Tay said it would be reasonable to expect some collective sale opportunities, as older properties that are no longer constrained by low-rise plot ratios could see an increase in land values after 2030. - The Straits Times/ANN
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Furthermore, there is a dedicated effort to build new sports facilities closer to residential areas to encourage a healthier lifestyle, Sun said. This means that Singaporeans will have a more diverse array of housing options to suit their needs, be they near the city centre, schools, parks or waterways. With each community designed to be better connected with essential amenities, this ensures convenient access to schools, healthcare facilities and recreational areas wherever residents choose to live, added Sun. 'All these initiatives will help to create a more balanced, sustainable living experience for all residents, regardless of age and budget,' she said. At least 80,000 public and private homes will be introduced across more than 10 new housing areas in the next 10 to 15 years, with new neighbourhoods planned in areas such as Dover, Defu, Newton and Paterson. Integrated community hubs with sports facilities, healthcare and community spaces are also in the works for Sengkang, Woodlands North and Yio Chu Kang. Marcus Chu, chief executive of real estate agency ERA Singapore, said that with more housing estates catching up in terms of amenities and accessibility, housing demand may start to be spread more evenly across Singapore. This could, in turn, lead to more even price growth across different regions. More land parcels around MRT stations and more business hubs are also being planned outside the Central Business District to bring work closer to homes, spread the load on the transport network and reduce the need to set aside land for roads, said Mark Yip, CEO of property firm Huttons Asia. One such example is the greater one-north precinct, which has developed into a bustling research-and-development hub with more than 50,000 knowledge workers. Lee Sze Teck, Huttons' senior director of data analytics, said there is therefore a need to provide more homes so that the workers can live near their workplaces. 'This will reduce travelling time and stress on the transport network,' he added. The Dover-Medway neighbourhood in the precinct could see 6,000 new public and private homes built in the first phase, while some 5,000 new private homes could be introduced in Mediapolis, which is also in the area. Sun said building more homes in Dover-Medway and Mediapolis will in turn attract more workers, researchers, students and expats to live there, and support business growth in the area. Ismail Gafoor, CEO of property firm PropNex, said land use for three plots in Ayer Rajah Crescent, near Media Circle in one-north, has been changed from business park to residential, with commercial use on the first storey. That should bring more amenities to Media Circle, which is set to see more high-density housing. In addition, two sites in the nearby Singapore Science Park II have been updated from business park use to residential. This ties in with the ongoing rejuvenation of the Science Park, he added. In the heart of town, Paterson – on the doorstep of Orchard Road – could get 1,000 new private homes as part of an integrated development with retail, food and beverage and office spaces above Orchard MRT station. Sun said expanding the residential landscape in the Orchard Road precinct is a good move due to the scarcity of available land in prime areas. New government land sites in prime areas – especially near Orchard Road – are quite rare, and it has been many years since The Orchard Residences, an integrated development near the heart of Orchard, was launched, Sun noted. But given the luxury property market's slower growth, some of these new sites may be placed on the reserve list of the Government Land Sales (GLS) programme, she added. Such sites are launched for sale when a developer offers a minimum price that the Government accepts, or when there is enough market interest. Lee pointed out that the land parcel above Orchard MRT station has been rezoned to a white site, and the plot ratios have been bumped up. White sites refer to land parcels designated for mixed-use development and allow for flexibility in development plans, while plot ratios measure how intensively land can be developed. 'This is a prime opportunity to build an iconic shopping and residential project as the last GLS site above Orchard MRT was Ion Orchard and The Orchard Residences in 2005,' he said. But the 60 per cent additional buyer's stamp duty on foreign buyers may not give developers the confidence to bid for that site if it is launched for sale, Lee added. Meanwhile, Catherine He, head of research at commercial real estate services firm Colliers, said sites including Paya Lebar Air Base (PLAB), Sembawang Shipyard and the former Singapore Racecourse in Kranji were chosen for redevelopment into housing estates to optimise land use for the maximum benefit of residents, and relocate industrial and commercial activities farther out. In particular, the relocation of PLAB in eastern Singapore from 2030 will be a game-changer, said real estate consultancy Knight Frank Singapore's research head Leonard Tay. With about 800ha of land to be freed up for the development of residences, offices, factories and recreational areas, this means that building height restrictions imposed for the safe navigation of aircraft in surrounding towns could be lifted. Although higher plot ratios around PLAB have not been announced in the latest draft masterplan, Tay said it would be reasonable to expect some collective sale opportunities, as older properties that are no longer constrained by low-rise plot ratios could see an increase in land values after 2030. - The Straits Times/ANN
