Latest news with #Chee
Business Times
3 days ago
- Business
- Business Times
Bishan to get over 2 million sq ft of office space, new integrated development
[SINGAPORE] Plans to develop Bishan as a business node could add over 2 million square feet (sq ft) of new office space to the area, Minister for National Development Chee Hong Tat disclosed on Thursday (Jun 26). The fresh office space will be part of a new integrated development mapped out for Bishan, one of Singapore's more densely populated areas. The housing estate will also get new community amenities such as a polyclinic, a hawker centre and a revamped bus interchange with air-conditioned waiting areas. Works for these new developments will start within this term of government, and take several years, said Chee in a video shared on social media channels on Thursday morning. It follows the unveiling of the Draft Master Plan 2025 on Wednesday, which revealed the government's plans to grow decentralised office spots with the refresh of regional business nodes across the island. At around 200,000 square metres or 2.2 million sq ft, the office space will take up a rough equivalent of 28 football fields, and be of similar size to Suntec City's office space. It is also expected to be on the scale of Paya Lebar Central, a relatively new commercial precinct that now houses the Paya Lebar Quarter development, completed in 2018 to 2019. Market watchers had pointed to several plots of vacant land near the Bishan interchange and around the Junction 8 mall, suggesting that new developments could sit atop the interchange. Property developer Lendlease and the Abu Dhabi Investment Authority jointly acquired the Paya Lebar plot at a state tender in 2015 for S$1.67 billion, trumping the offers of five other bidders. The 3.9-hectare site was then developed into seven buildings: a retail mall, three office towers and three private residential blocks. Paya Lebar Quarter and Paya Lebar Square contain well over a million square feet of office space. Some government agencies are now looking at relocating their offices to Bishan, to kick-start the development of the business node, the Urban Redevelopment Authority said on Wednesday.
AsiaOne
3 days ago
- Business
- AsiaOne
URA Draft Master Plan: Developing Bishan as business node rivalling Paya Lebar Central being studied, Singapore News
Plans to develop Bishan into a business node like Paya Lebar Central are being studied under the Urban Redevelopment Authority (URA) Draft Master Plan (DMP) 2025. In a video posted to Facebook on Thursday(June 26), Minister for National Development and Bishan-Toa Payoh GRC MP Chee Hong Tat stated this will make it easier for to Bishan and Marymount residents to travel to work. "This means new office spaces (in Bishan) that could match the scale of Paya Lebar Central — around 200,000sq m — bringing workplaces closer to where you live," he said. Other projects for Bishan-Toa Payoh GRC under DMP 2025 include a new hawker centre, which will be integrated with the revamped Bishan bus interchange, as well as a Bishan Polyclinic. "Works for these new developments will start within this term, and will take several years to complete," said Chee. Moreover, completed cycling paths in Bishan Town Centre will allow easier access to upcoming recreational spaces like the North-South Corridor and Kallang River and a pedestrian mall linked to transport hubs and community facilities will be built at Bishan Place Road. An "active street" for residents to walk and cycle along Bishan Road to Bishan-Ang Mo Kio Park is also in the works, the minister said. He concluded the video by inviting residents of the GRC to visit the DMP 2025 exhibition when it is displayed at Toa Payoh HDB Hub from Aug 9 to 17. [[nid:719436]]
Straits Times
3 days ago
- Business
- Straits Times
Work on hawker centre, polyclinic in Bishan town centre to start in this term of govt: Chee Hong Tat
Artist impression of pedestrian mall linking future developments and community facilities within the Bishan Sub-Regional Centre. PHOTO: URA Work on hawker centre, polyclinic in Bishan town centre to start in this term of govt: Chee Hong Tat SINGAPORE - Work on the new hawker centre, polyclinic and revamped bus interchange in the Bishan town centre will start within the current term of government and take several years to complete, said National Development Minister Chee Hong Tat. About 200,000 sqm of new office space could also be built in the town centre, matching the scale of that in Paya Lebar Central, Mr Chee said in a Facebook post on June 26. The Government is studying plans to develop Bishan into a new business hub as part of the Urban Redevelopment Authority's (URA) 2025 draft masterplan, which was unveiled on June 25. Several government agencies are exploring the feasibility of relocating their offices to the area, to jump-start the development of this business district, URA said earlier. Plans are afoot to develop Bishan into a sub-regional centre. Such areas are business hubs, such as those in Paya Lebar and Serangoon, that bring jobs closer to homes. They are smaller than the regional centres in Woodlands, Jurong East and Tampines. Efforts to improve connectivity in Bishan will make it easier for residents to move around the town and access neighbouring facilities, Mr Chee said. For instance , cycling paths in the Bishan town centre will allow residents to cycle to upcoming recreational spaces such as the North-South Corridor and Kallang River. Bishan Place – a road behind Junction 8 shopping centre – will be transformed into a pedestrian mall and be linked to transport hubs and facilities, he added. There are also plans for a walking and cycling street along the developments in Bishan Road that will be connected to Bishan-Ang Mo Kio Park. These plans are on top of that for the Toa Payoh Integrated Development on the site of the former Toa Payoh Sport Centre in Lorong 6 Toa Payoh , which will be completed within this term of government, said Mr Chee. The integrated development will have an improved sports centre, an upgraded polyclinic, a bigger library and a rejuvenated town park. It will have sheltered linkways to Toa Payoh MRT station and bus interchange. The Draft Master Plan 2025 includes plans to continue driving Singapore's economic growth by strengthening its economic gateways and business districts, rejuvenating key precincts and supporting innovation. The exhibition for the draft masterplan will be displayed at the HDB Hub in Toa Payoh from Aug 9 to 17. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
3 days ago
- Business
- Business Times
Bishan to see over 2 million sq ft of new office space, new integrated development
[SINGAPORE] Plans to develop Bishan as a business node could bring over 2 million square feet (sq ft) of new office space to the area, Minister for National Development Chee Hong Tat disclosed on Thursday (Jun 26). The fresh office space will be part of a massive new integrated development mapped out for Bishan, one of Singapore's more densely areas, which will see new community amenities such as a polyclinic, hawker centre and a revamped bus interchange with air-conditioned waiting areas. Works for these new developments will start within this term, and take several years to complete, said Chee in a video shared on social media channels on Thursday morning. It follows the unveiling of the Draft Master Plan 2025 on Wednesday, which revealed the government's plans to grow decentralised office spots with the refresh of regional business nodes across the island. Bishan's new office spaces are expected to be on the scale of Paya Lebar Central, a relatively new commercial precinct that now houses the sprawling Paya Lebar Quarter development, completed in 2018-2019. Market watchers had pointed to several plots of vacant land near the Bishan interchange and around the Junction 8 mall, suggesting that new developments could come up on top of the interchange. Property developer Lendlease and the Abu Dhabi Investment Authority jointly acquired the Paya Lebar plot at a state tender in 2015 for S$1.67 billion, trumping the offers of five other bidders. The 3.9-hectare site was then developed into seven buildings: a retail mall, three office towers and three private residential blocks. Along with Paya Lebar Square, the two projects contain well over a million square feet of office space. Some government agencies are now looking at relocating their offices to BIshan, to kick-start the business node's development, URA had said on Wednesday.
AsiaOne
4 days ago
- Business
- AsiaOne
What it means for you if 15-month wait-out period for private home owners is lifted, Lifestyle News
SINGAPORE — Private home owners looking to buy a non-subsidised resale Housing Board flat must wait 15 months after selling their property. Introduced in 2022, the 15-month wait-out period was aimed at curbing demand from cash-rich downgraders. National Development Minister Chee Hong Tat said recently that private property owners may not need to wait till 2027 or 2028 for a review of the wait-out requirement. Here is what you need to know about the policy, its implications and why a change may be coming sooner than expected. What is the 15-month wait-out period? Introduced in September 2022, the 15-month wait-out period requires former and current owners of private homes to wait 15 months after selling their private property before they can buy a non-subsidised HDB resale flat. This rule does not apply to those 55 and over who are buying a four-room or smaller resale flat. Why was the rule implemented? The wait-out period was introduced to help cool down the HDB resale market, which was heating up partly due to demand from private property downgraders flush with capital. These buyers were seen as contributing to price surges, outbidding first-time home buyers in the resale market as they generally have more means to buy resale flats. What was the impact of the rule? Prices of resale HDB flats grew at a slower pace, suggesting that the temporary removal of private downgraders helped ease upward pressure on resale flat prices. However, once the first batch of affected private home owners completed their wait-out period, the market saw a resurgence in activity, said real estate agency ERA Singapore's key executive officer Eugene Lim. In the first three months of 2024, 7,068 resale HDB flats changed hands, accompanied by a 1.8 per cent quarter-on-quarter increase in the HDB resale price index — the steepest since the rule took effect, Lim pointed out. The momentum continued into the second quarter of 2024 with a 2.3 per cent price increase, signalling that returning private buyers were a key force driving renewed demand and price growth. However, this rebound tapered slightly in the first three months of 2025, when the resale price index quarterly growth slowed to 1.6 per cent. A likely factor was the large Sale of Balance Flats exercise in February 2025, which increased flat availability and absorbed some of the demand that would have otherwise gone to the resale market, explained Lim. The 15-month wait-out period also pushed many private home owners, particularly those needing immediate housing after selling their properties, into the rental market. This has contributed to stronger rental demand and upward pressure on rents for bigger HDB flats and also mass-market condos. What might change, and why now? The Housing Board will be launching more than 50,000 units from 2025 to 2027, said Chee on June 21. Chee said he expected the effect of a strong continued supply of new Build-To-Order flats and resale units would moderate resale prices, making it timely for the authorities to consider if the 15-month cooling measure should be partially or entirely removed. More flats will also hit the market as they complete their minimum occupation period (MOP) — a mandatory stay period (typically five years) before owners are allowed to sell them on the resale market. About 13,500 flats will reach their MOP in 2026, up from 8,000 in 2025. In 2028, this will rise to 19,500 flats. What is the expected impact of this on the residential property market? Lim of ERA expects a rise in demand and prices of resale HDB flats in mature estates if the 15-month rule is relaxed or lifted. "This is due to their well-established amenities as well as transport connectivity, which are strong draws for right-sizers and family buyers alike," he said. Christine Sun, chief researcher and strategist of property agency OrangeTee Group, said prices of five-room and bigger flats may continue to experience a gradual price increase. However, the increased supply in the pipeline could help to mitigate the risk of soaring prices after the relaxation of rules, she added. Who will stand to benefit? Private home owners under 55 are likely to benefit the most if the rule is lifted earlier than expected. This is especially true for those who are cash-tight, as it would allow them to sell their condominium or landed property, and secure a replacement HDB home within a shorter timeframe, said Lim. Seniors who want bigger flats would also have more options. Home owners of bigger flats who are looking to sell would also benefit from higher demand. [[nid:719436]] This article was first published in The Straits Times . Permission required for reproduction.
