Latest news with #BukitTimah
Forbes
6 days ago
- Business
- Forbes
Billionaire Charoen's Frasers Property, Partners Offer Top Bid Of $387 Million For Prime Singapore Plot
Singapore's residential properties are among the most expensive in the world. A consortium that includes Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi and his family—submitted the highest bid of S$491.5 million ($387 million) for a residential plot in Singapore's upscale Bukit Timah neighborhood. Frasers Property and its partners Japan's Sekisui House and CSC Land, a unit of Beijing-based China State Construction Engineering Corp, outbid eight other groups for the hotly contested plot on the site of the former Singapore Turf City horse racing track until 1999 when it moved to the western Singapore town of Kranji. The government is closing the Kranji race track for good in 2027 and developing a housing estate on the property. Other bidders for the 99-year leasehold site on Dunearn Road include City Developments, controlled by real estate tycoon Kwek Leng Beng and his family, as well as billionaire Wee family's UOL Group, which partnered with unit Singapore Land and privately owned Kheng Leong Co. About 380 residential condominium units can be built on the 13,492 square meter site, according to the Urban Redevelopment Authority. The site is located within a coveted residential enclave near the Sixth Avenue MRT station, Leonard Tay, head of research at property consultancy Knight Frank in Singapore, said in an emailed statement. 'With limited new launches in the area in recent months, pent-up domestic demand particularly from owner-occupiers familiar with Bukit Timah's character and education belt is expected to support interest at [the project's]The project may sell for as much as S$3,200 per square foot, above the effective top bid of S$1,410 per square foot per plot ratio, Tay added. Frasers Property has been stepping up residential developments to tap into resilient demand for luxury homes in the city-state. Last November, it partnered with Sekisui House to redevelop a serviced apartment along the Singapore River near the Raffles Place central business district into a mixed use residential and retail complex. Charoen, 81, is Thailand's third-richest person with a net worth of $10.6 billion based on real-time Forbes data. The self-made billionaire took control of Frasers Property—which owns residential, offices, shopping malls, logistics properties and hotels across Australia, China, Europe and Southeast Asia—following his takeover of Fraser & Neave in 2013. Charoen also owns Chang beer maker Thai Beverages and Bangkok-based developer Asset World Corp.
CNA
7 days ago
- Business
- CNA
CNA938 Rewind - Is a share buyback scheme the best solution Income can come up with?
CNA938 Rewind - Is a share buyback scheme the best solution Income can come up with? Following up on Income's proposal of a possible share buyback programme for its shareholders, Andrea Heng and Hairianto Diman find out if it is the best solution the Singapore insurer can come up with at this point and what other options could actually appease shareholders. They chat to Victor Lai, Principal Consultant at Citadelcorp. 13 mins CNA938 Rewind - TalkBack: Bukit Timah residents, do you need help? Since the middle of last year, a string of burglaries at landed properties has been reported, with some cases linked to foreign syndicates. Lance Alexander and Daniel Martin speak with Associate Professor Razwana Begum Abdul Rahim, Head of the Public Safety and Security Programme at the Singapore University of Social Sciences. 29 mins CNA938 Rewind - Is cocaine now a vape? Three Singaporeans have been arrested by Malaysian police in a drug bust involving almost 10 litres of cocaine, contained in 4,958 cartridges of vape liquid. Lance Alexander and Daniel Martin speak with Dr. Steve Yang, Consultant Respiratory Physician at The Respiratory Practice. 15 mins CNA938 Rewind - More homes and mixed developments to come, in the City Centre At least 80,000 homes across more than 10 new housing areas, more green spaces, and efforts to refresh Singapore's shopping district. These are among the development plans set to guide Singapore's land use policies for the next 10 to 15 years. Lance Alexander and Daniel Martin speak with Dr Woo Jun Jie, Senior Lecturer at the Lee Kuan Yew School of Public Policy in the National University of Singapore. 16 mins
CNA
25-06-2025
- General
- CNA
Former Pasir Panjang English School, NatSteel pavilion and 20 Turf City buildings to be conserved
SINGAPORE: The former Pasir Panjang English School, the NatSteel pavilion in Jurong and 20 buildings at Bukit Timah's Turf City will be conserved under the country's latest land use master plan. This expands on an earlier list of five sites announced in May – including the Singapore Badminton Hall and Jurong Hill Tower – that were earmarked for conservation by the Urban Redevelopment Authority (URA). 'We will continue to incorporate greenery and heritage considerations into our planning processes, and balance these carefully with developmental needs, ' National Development Minister Chee Hong Tat said at the launch of an exhibition for URA's Draft Master Plan 2025 on Wednesday (Jun 25). URA said it has developed a new thematic framework to guide conservation efforts, aligned with four key aspects of Singapore's post-independence growth – economy, housing, social and defence. The former Pasir Panjang English School and buildings at Turf City fall under the 'social' theme, while the NatSteel Steel Pavilion represents Singapore's early industrialisation under the 'economy' theme. 'This thematic framework will support the identification of selected sites that represent Singapore's history and development over the past 60 years,' said the country's urban planning agency. FORMER PASIR PANJANG ENGLISH SCHOOL The former Pasir Panjang English School, located along Yew Siang Road, was established in January 1933 as an all-boys school. In 1936, it was selected – along with two other government schools – to pilot co-educational classes. It also served as a registration centre for emergency evacuees before the outbreak of World War II in December 1941. The school buildings were damaged in the war and reconstruction efforts began in November 1947. The school eventually closed in 1986 and was used as a drug rehabilitation centre between 1999 and 2024. According to URA, the school remains a strong identity marker for residents in the area and represents a rare example of standardised school buildings constructed with timber during the 1920s and 1930s. The main building features a largely intact U-shaped classroom block, complete with a pitched tile roof and overhanging eaves. The agency said the proposed conservation of the school would commemorate a milestone in Singapore's educational development. NATSTEEL PAVILION The NatSteel Steel Pavilion, located at Tanjong Kling Road, traces its origins to the early 1960s when it operated under the name National Iron and Steel Mills. It was the first heavy industry factory to be built in Jurong Industrial Estate. The original foundation stone for the mills, laid by then-Finance Minister Goh Keng Swee in 1962, can still be found near the entrance of the Steel Pavilion. Officially opened in January 1964, the facility played a vital role in Singapore's early industrialisation efforts, supplying steel for the Housing and Development Board's first-generation public housing, the MRT system and the construction of Changi Airport. Its main two-storey office building, including the Steel Pavilion, was designed by the Malayan Architects Co-partnership, one of Singapore's pioneering architectural firms responsible for some of the country's most iconic buildings such as the Singapore Conference Hall and Trade Union House. The pavilion features steel-framed glass windows and exposed fair-faced brick walls, as well as a curved umbrella-shaped steel roof structure that URA described as an engineering feat of its time. Over the years, the firm diversified into other businesses alongside changes in ownership. Today, NatSteel is owned by Toptip Holding, a Singapore-based steel and iron ore trading firm. 20 BUILDINGS AT BUKIT TIMAH TURF CITY Turf City in Bukit Timah was formerly home to Singapore's second racecourse from 1933 to 1999 and a popular horseracing venue, before the Singapore Turf Club's (STC) relocation to Kranji. The site later served as a recreational and commercial hub, with spaces leased out for lifestyle and recreational uses until the end of 2023. URA has announced plans to develop a new housing estate in the area with 15,000 to 20,000 public and private homes over the next 20 to 30 years. The authority has proposed to conserve both the north and south grandstands. Twenty other buildings across different clusters, building types, ages and architectural styles are now being considered for conservation, given their different representations of the site's history. These include the Fairways Quarters and Community Centre at 53 Fairways Drive, buildings at 192, 198 and 232 Turf Club Road which once housed Turf Club management and their families, the former Bukit Timah Saddle Club clubhouse at 51 Fairways Drive and the nearby two-storey Fairways Bungalow, as well as the Dunearn Water Depot located at 752 Dunearn Road. 'Repurposing these selected buildings as part of the future housing estate will create a distinctive environment for future residents and communities,' URA said. TACKLING CLIMATE CHANGE The draft master plan is a statutory land use plan that guides Singapore's development for the next 10 to 15 years and is reviewed every five years. It also outlines Singapore's strategies to address climate change, such as the 'Long island' project to guard against rising sea levels, enhance water security and create new land for future generations. The plan involves reclaiming about 800 hectares of land, with a reservoir in between. Environmental and engineering studies for the project began in early 2024, and site investigation works in the waters off East Coast Park will start in July this year to examine seabed and geological conditions. Singapore is also looking underground to optimise land use. Mr Chee cited the Jurong Rock Caverns, a massive underground oil storage facility that opened in 2014, as an example. Located 150m beneath Jurong Island, the facility can store up to 1.47 million cubic metres of oil products and has freed up about 60 hectares of land, or the equivalent of 70 football fields. 'Looking ahead, we are exploring underground uses in places like Gali Batu for construction materials storage, and supporting more research and development to unlock new possibilities for future underground developments,' the minister said. At the same time, Singapore is looking at vertical intensification to optimise space. The potential relaxation of building height limits near airports could unlock new opportunities, which the authorities will study in tandem with infrastructure capacity and urban design considerations, said Mr Chee.
CNA
25-06-2025
- General
- CNA
Former Pasir Panjang English School, NatSteel pavillion and 20 Turf City buildings to be conserved
SINGAPORE: The former Pasir Panjang English School, the NatSteel pavilion in Jurong and 20 buildings at Bukit Timah's Turf City will be conserved under the country's latest land use master plan. This expands on an earlier list of five sites announced in May – including the Singapore Badminton Hall and Jurong Hill Tower – that were earmarked for conservation by the Urban Redevelopment Authority (URA). 'We will continue to incorporate greenery and heritage considerations into our planning processes, and balance these carefully with developmental needs, ' National Development Minister Chee Hong Tat said at the launch of an exhibition for URA's Draft Master Plan 2025 on Wednesday (Jun 25). URA said it has developed a new thematic framework to guide conservation efforts, aligned with four key aspects of Singapore's post-independence growth – economy, housing, social and defence. The former Pasir Panjang English School and buildings at Turf City fall under the 'social' theme, while the NatSteel Steel Pavilion represents Singapore's early industrialisation under the 'economy' theme. 'This thematic framework will support the identification of selected sites that represent Singapore's history and development over the past 60 years,' said the country's urban planning agency. FORMER PASIR PANJANG ENGLISH SCHOOL The former Pasir Panjang English School, located along Yew Siang Road, was established in January 1933 as an all-boys school. In 1936, it was selected – along with two other government schools – to pilot co-educational classes. It also served as a registration centre for emergency evacuees before the outbreak of World War II in December 1941. The school buildings were damaged in the war and reconstruction efforts began in November 1947. The school eventually closed in 1986 and was used as a drug rehabilitation centre between 1999 and 2024. According to URA, the school remains a strong identity marker for residents in the area and represents a rare example of standardised school buildings constructed with timber during the 1920s and 1930s. The main building features a largely intact U-shaped classroom block, complete with a pitched tile roof and overhanging eaves. The agency said the proposed conservation of the school would commemorate a milestone in Singapore's educational development. NATSTEEL PAVILION The NatSteel Steel Pavilion, located at Tanjong Kling Road, traces its origins to the early 1960s when it operated under the name National Iron and Steel Mills. It was the first heavy industry factory to be built in Jurong Industrial Estate. The original foundation stone for the mills, laid by then-Finance Minister Goh Keng Swee in 1962, can still be found near the entrance of the Steel Pavilion. Officially opened in January 1964, the facility played a vital role in Singapore's early industrialisation efforts, supplying steel for the Housing and Development Board's first-generation public housing, the MRT system and the construction of Changi Airport. Its main two-storey office building, including the Steel Pavilion, was designed by the Malayan Architects Co-partnership, one of Singapore's pioneering architectural firms responsible for some of the country's most iconic buildings such as the Singapore Conference Hall and Trade Union House. The pavilion features steel-framed glass windows and exposed fair-faced brick walls, as well as a curved umbrella-shaped steel roof structure that URA described as an engineering feat of its time. Over the years, the firm diversified into other businesses alongside changes in ownership. Today, NatSteel is owned by Toptip Holding, a Singapore-based steel and iron ore trading firm. 20 BUILDINGS AT BUKIT TIMAH TURF CITY Turf City in Bukit Timah was formerly home to Singapore's second racecourse from 1933 to 1999 and a popular horseracing venue, before the Singapore Turf Club's (STC) relocation to Kranji. The site later served as a recreational and commercial hub, with spaces leased out for lifestyle and recreational uses until the end of 2023. URA has announced plans to develop a new housing estate in the area with 15,000 to 20,000 public and private homes over the next 20 to 30 years. The authority has proposed to conserve both the north and south grandstands. Twenty other buildings across different clusters, building types, ages and architectural styles are now being considered for conservation, given their different representations of the site's history. These include the Fairways Quarters and Community Centre at 53 Fairways Drive, buildings at 192, 198 and 232 Turf Club Road which once housed Turf Club management and their families, the former Bukit Timah Saddle Club clubhouse at 51 Fairways Drive and the nearby two-storey Fairways Bungalow, as well as the Dunearn Water Depot located at 752 Dunearn Road. 'Repurposing these selected buildings as part of the future housing estate will create a distinctive environment for future residents and communities,' URA said. TACKLING CLIMATE CHANGE The draft master plan is a statutory land use plan that guides Singapore's development for the next 10 to 15 years and is reviewed every five years. It also outlines Singapore's strategies to address climate change, such as the 'Long island' project to guard against rising sea levels, enhance water security and create new land for future generations. The plan involves reclaiming about 800 hectares of land, with a reservoir in between. Environmental and engineering studies for the project began in early 2024, and site investigation works in the waters off East Coast Park will start in July this year to examine seabed and geological conditions. Singapore is also looking underground to optimise land use. Mr Chee cited the Jurong Rock Caverns, a massive underground oil storage facility that opened in 2014, as an example. Located 150m beneath Jurong Island, the facility can store up to 1.47 million cubic metres of oil products and has freed up about 60 hectares of land, or the equivalent of 70 football fields. 'Looking ahead, we are exploring underground uses in places like Gali Batu for construction materials storage, and supporting more research and development to unlock new possibilities for future underground developments,' the minister said. At the same time, Singapore is looking at vertical intensification to optimise space. The potential relaxation of building height limits near airports could unlock new opportunities, which the authorities will study in tandem with infrastructure capacity and urban design considerations, said Mr Chee.
CNA
25-06-2025
- Business
- CNA
80,000 new homes, including in Newton and Orchard, to be built under URA draft master plan
SINGAPORE: At least 80,000 new public and private homes are expected to be built in more than 10 new neighbourhoods across Singapore over the next 10 to 15 years. These include developments in Newton and along Orchard Road where 6,000 private homes could be built, as the government looks to provide more residential options in central locations. To meet the demand for homes in more central areas, new housing areas in Bukit Timah Turf City, Pearl's Hill, Marina South, Mount Pleasant and the former Keppel Golf Course site were announced previously. The Draft Master Plan 2025 by the Urban Redevelopment Authority (URA), released on Wednesday (Jun 25) and announced by National Development Minister Chee Hong Tat, also showed that new neighbourhoods would be drawn up in other parts of the island. They include Dover-Medway along Dover Road, the former site of Singapore Racecourse in Kranji, as well as Paya Lebar Air Base and the Sembawang Shipyard area. URA said new public and private housing developments will be "paced out" so that the authorities can have the flexibility to review and adjust the plans accordingly. NEWTON AND ORCHARD ROAD AREAS A new "urban village" – a high-density, mixed-use development next to Newton MRT station and Newton Food Centre – will be built. Around five thousand new private residences will be developed progressively across three clusters along Newton Circus, Scotts Road and Monk's Hill. Future developments in this area would be "introduced sensitively" and guided by urban design guidelines to complement the area's existing character, URA said. For example, Monk's Hill Road, where apartment blocks that served as municipal workers' quarters during the colonial era still exist, will be transformed into a linear park flanked by mature trees and heritage buildings. At nearby Paterson Road, a new integrated development will be built above Orchard MRT station, just behind Ion Orchard shopping centre. The development will include 1,000 private homes, retail, food-and-beverage and office spaces. URA said residents and visitors can expect a "shop-lined route" extending from the MRT station towards Orchard Road and the River Valley area, as well as new public spaces. The neighbourhood will also have new cycling paths that connect Paterson Road to the "inner ring identity corridor" – a heritage corridor including roads such as Tiong Bahru Road, Scotts Road, Balestier Road and Lavender Street – and beyond. DOVER-MEDWAY A mix of public and private homes will be developed along Dover Road, supported by new amenities and recreational spaces. Located near the One-North business hub, the new neighbourhood will serve residents working in info-communications, technology, media and biomedical sectors. Development will progress in phases, with around 6,000 public and private homes under the first phase. Mediapolis in One-North will also get new housing – likely 5,000 private homes – near the Wessex estate, Rail Corridor and One-North Park, providing residents with convenient access to nature and heritage sites, URA said. FORMER SINGAPORE RACECOURSE The site of the former Singapore Racecourse at Kranji will be redeveloped into a new housing estate near the new Kranji Nature Corridor. Around 14,000 new public and private homes will be built here, URA said. Future residents will be able to access nearby parks, open community spaces and waterways such as Sungei Mandai and Sungei Pang Sua. SEMBAWANG SHIPYARD Following the relocation of current uses in 2028, the Sembawang Shipyard area will be transformed into a mixed-use waterfront district. Redevelopment could see public waterfront spaces being created along the former berths. Heritage buildings from its origins as a British naval base may also be repurposed for community, sports and cultural use, URA said. The type and total number of homes to be built there is still being studied. PAYA LEBAR AIR BASE AND DEFU When the Paya Lebar Air Base relocates in the 2030s, about 800 hectares of land – five times the size of Toa Payoh – will be freed. Height restrictions in the surrounding area will also be removed, allowing for future taller developments. URA has said before that this would be developed into a new town with housing, recreational areas and workspaces. Walking and cycling paths, new rail lines and transit priority corridors will be integrated into the town. The area will honour its aviation heritage by adaptively reusing parts of the old runway and other structures. The development will take place in phases, starting with the nearby Defu estate in Hougang, which will be transformed into a "new-generation" neighbourhood where residents can access essential services and amenities within a 10-minute walk. The type and total number of homes to be built is still being studied. MORE SENIOR-FRIENDLY HOMES AND RECREATIONAL SPACES The URA's Draft Master Plan 2025 outlines land use strategies that will guide Singapore's development over the next 10 to 15 years. It is reviewed every five years. Beyond new housing developments, the master plan includes proposals in line with long-term planning goals such as enhancing recreational spaces within neighbourhoods and preserving nature and heritage spaces. As for plans for residents to age in place, more assisted-living options will be introduced, including: Community care apartments, which are public housing that integrates senior-friendly design with on-site care and social services Private assisted living apartments, the first of which will open along Kovan's Parry Avenue by early 2026 URA said it also received feedback from Singaporeans for more affordable and accessible recreational options near their homes. In response, new integrated community hubs are planned for towns such as Woodlands, Yio Chu Kang and Sengkang. Located near transport nodes, these hubs will combine sports, healthcare, retail and recreation under one roof. Six new sport-in-precinct projects are underway in Chua Chu Kang, Keat Hong, Ulu Pandan, Whampoa, Tampines North and Pasir Ris East. URA said it is also working with agencies to activate underused spaces for social and recreational purposes. These may include spaces below MRT viaducts and car park rooftops of public housing estates. One example is the Bukit Gombak MRT viaduct, which has been turned into a space for community art installation. To enhance walkability and connectivity, a new pedestrian and cycling bridge will be built by 2029 to link Marina Centre with Bay East Garden. This aims to provide pedestrians and cyclists with a more direct connection between the city and the East Coast along the Round Island Route, URA said. Speaking at the launch of an exhibition for the draft master plan, National Development Minister Chee Hong Tat said: "As we continue to chart out long-term plans to build a brighter future for Singapore, we must also remain agile and continually refine our land use plans to deal with new challenges." These challenges may include: Adjusting to a more uncertain global economy where business activities and supply chains could undergo further shifts Preparing for the effects of climate change Meeting stronger housing demand from Singaporeans Rejuvenating older towns and estates Tackling these challenges will require a "concerted effort" by the government, stakeholders and all Singaporeans, he added. "Along the way, there will be some difficult tradeoffs that we need to discuss and find ways to strike a careful balance. We will also come across new technologies, new design ideas and new approaches, which can open up more opportunities to achieve our goals." Me Chee noted that URA engaged nearly 220,000 Singaporeans since public consultations for the latest master plan began in October 2023, making this "the most extensive engagement that URA has conducted to date".
