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New town could be built when Paya Lebar Air Base moves to Changi: analysts

Posted by Property Launch Invest on Sunday, 13 October 2013 in Property News

SINGAPORE: Property analysts expect a new town to be built on the area once Paya Lebar Air Base has moved to Changi.

Prime Minister Lee Hsien Loong had announced that a new military airbase and fourth runway will be built at Changi East.

800 hectares will be freed up -- an area bigger than Bishan and Toa Payoh.

Paya Lebar Air Base

Analysts said such an area is enough to draw up a masterplan integrating residential, entertainment, and commercial developments. They believe it will probably take another 20 years for the new township to be developed.

Nicholas Mak, executive director of research and consultancy at SLP International Property Consultants, said: "Based on the plot ratios and planning parameters, that plot of land can actually potentially build about 50,000 to 60,000 new homes.

"80 per cent of these new homes could be HDB flats and there could also be accompanying facilities such as commercial developments and parks, schools."

Relocating the airbase also removes height restrictions around Paya Lebar.

Ku Swee Yong, CEO of International Property Advisor, said: "In the case of HDB flats, for example around Paya Lebar Air Base, we now have flats in Aljunied and in Tampines going at about 12 to 15 stories. That could now be a thing of the past.

"New flats build there could be 30 to 40 stories as an average height, as well as new condominiums, new office towers -- (all of them) could go up to that height."

Presently, many warehouses are located near the airbase. Property watchers said these industrial areas may also be expanded.

Residents in Paya Lebar also welcomed the news of the move.

"There's going to be (a new) development after that. -- so it's probably going to help us in terms of the property prices," said one resident.

The Paya Lebar Air Base was originally built in 1955 as Singapore International Airport. The airforce took over the airbase when Changi Airport opened in 1981. The airbase hosted the previous RSAF Open House, and also houses the Air Force Museum.

application/pdf icon CLEARING LAND IN THE HEART OF SINGAPORE

Source: Channel News Asia 19th August

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PROPERTY LAUNCHES & INVESTMENTS

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New town could be built when Paya Lebar Air Base moves to Changi: analysts

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