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PRICE TRENDS FOR DEVELOPMENTS IN DISTRICT 09

THOMSON EAST COAST MRT LINE TO BE COMPLETED IN 2024

On August 15, 2014, the LTA announced that the southern end of the Thomson Line which serves the North South corridor will be extended eastwords to form the new TEL MRT line. In Singapore, the proximity to an MRT station helps to sell properties. The 13km East coast stretch will bring MRT travel to areas not currently served by the MRT system and increased connectivity to the East will be brought about by a 2.2km, 2-station extension of the Downtown Line (DTL) to join DTL To TEL. Here are some points about TEL:

• Consists of the 22 station Thomson Line along the N-S corridor and the 9 station Eastern Region Line
• Seamless connection from Woodlands in the North to the East Coast
• Fully underground
• Benefits of sscale, operational efficiency and common systems and trains
• Total Length 43km
• Total cost of S$24 billion, 6.8 billion for the Eastern Region Line
• Total of 31 stations
• Scale similar to N-S line and Downtown line
• 7 private properties acquired
• 7 interchanges 
• Expected traffic - 500k passengers daily, increasing over time to 1mil daily
• Alternative to E-W line for some commuters
• Eastern end of the DL line to be linked up to TEL with the addition of 2 new stations
  • Downtown Line 3 extension (DTL3e) - 2.2km
  • Access to Changi Business Park and Expo areas
• Travelling time saved (now served by MRT or MRT+Bus):
  • East coast to Orchard, 45mins instead of 75mins, saving 30mins
  • Woodlands to Marine parade, 1 hr, currently not possible by MRT, 80mins by bus
  • Marine parade to Shenton Way, 20mins instead of 40mins, 20mins saving
  • Marine parade to Jurong East, 50mins (via TEL, EWL) instead of 65mins, save 15mins
  • Upper East Coast to Ang Mo Kio, 45mins instead of 60min, save 15mins

• New combined MRT and bus depot to be built next to the existing Changi Depot
  • Capacity for 220 trains from TEL, E-W and DTL lines and 550 buses
  • 36-hectares, multistorey
  • Combining and having several storeys saves 44 hectares
  • Existing depot to be demolished

• East Region Line
  • 16km long
  • Serves new areas such as Siglap, Marine Parade, Upper East Coast and Bedok South
  • Construction of the Eastern Region Line to start in 2016.
  • First 7 stations - Tanjong Rhu to Bayshore - to be ready by 2023.
  • Last 2 stations of the Eastern Region Line - Bedok South and Sungei Bedok to Tanjong Rhu to be ready by 2024
  • Singapore's first underground bicycle parks
    • Marine Parade, Marine Terrace, Bayshore and Sungei Bedok Stations
    • More bicycle parts at all future stations

 Quick Milestones:

• 2019 - 3 stations on the NEL line gets connected to the N-S Line at Woodlands MRT
• 2020 - 6 new stations from Springleaf to Caldecott open
• 2021 - 13 new stations from Mount Pleasant to Gardens by the Bay give direction access to the CBD, Marina Bay and Gardens By The Bay from the Woodlands
• 2023 - 7 stations on the East Coast stretch open new access to the East Coast area currently not served by any MRT line
• 2024 -  last 2 stations on the East Coast stretch connect to the DTL3e extenstion at Sungei Bedok and will relieve some pressure on the E-W line.

THOMSON EAST COAST LINE TEL

The Thomson-East Coast Line (TEL) is a joint line between the Thomson Line and the Eastern Region Line.

The 43km TEL will add 31 new stations to the existing rail network, with 7 interchange stations, which will link to the East-West Line, North-South Line, North-East Line, Circle Line and the Downtown Line.

The 13km eastern stretch will run through the neighbourhoods of Tanjong Rhu, Katong Park, Amber, Marine Parade, Marine Terrace, Siglap, Bayshore, Bedok South and Sungei Bedok. The first seven stations, from Tanjong Rhu to Bayshore, will be ready in 2023. The stations in Bedok South and Sungei Bedok will be ready in 2024.

When the 43km-long TEL is completed in 2024, a trip from East Coast Park to Orchard is expected to take just 45 minutes, compared to 75 minutes. Commuters travelling from Marine Parade to the Central Business District will halve their travel time from 40 minutes to 20 minutes.

The TEL will also connect with the upcoming Downtown Line which will have a new extension consisting of the Xilin station and the Sungei Bedok interchange station. This is to improve public transport accessibility to the Changi Business Park and Expo areas, he said.

The 31 stations of the TEL are expected to serve about half a million commuters daily in the initial years and twice that in the long term. To make way for the construction of the eastern stretch of the line however, six landed properties along Amber Road and a three-storey apartment along Tanjong Katong Road will be acquired.

The world's first four-in-one train and bus depot will also be built with the TEL. It will house buses and trains for the TEL, East-West Line and Downtown Line. The 36ha depot can house about 220 trains and 550 buses and integrating the depot for both buses and trains will help to save close to 60 football fields of land space.

LOCATED SHORT DISTANCE TO KEY GROWTH DISTRICT

City Central Region, Singapore URA Master Plan 2014

Singapore Urban Redevelopment Authority URA Master Plan 2014 envisions some exciting developments for the whole of Singapore's central area including Tanjong Pagar, The Greater Southern Waterfront District,  City Hall, Marina Bay, Suntec and Bugis-Rochor area. The new prime City Central area will be a place for the people to engage community and arts, showcase Singapore's creative and artistic expression and links to Singapore's past and future aspirations. There will be more pedestrian- friendly precincts, public spaces and parks, night lightings and trees.

City Centre at Marina Bay is a unique and dynamic waterfront district, Garden City by the Bay, extending seamlessly from the CBD and it is zoned to be

• the next CBD, focusing on financial and business related activities
• More Commercial, residential buildings, hotel and entertainment spots are to be built.
• It will be a lifesytle destination for variety of water-based activities and events.
• Exensive road and rail network in the pipeline and 
• Padestrain bridges that loops attractions and open spaces around the Bay.

Marina South will have

• a new population catchment as it will have a residential district of 9,000 new homes, with mix-development plan of hotels, offices and entertainment
• elevated landscape walkway that links the Bay South Garden to Marina South seafront
• 800 metres padestrain walkway beween the upcoming Marina South and Gardens by the Bay MRT Station
• underground carpark that allows motorists to drive between buildings that reduce ground level traffic
• feaures that can collect rain water and harness wind energy
• continuous waterfront promenade will be creaed from Marina South to Labrador for joggers and cyclists.

Beach Road/ Ophir- Rochor will have abundant conveniences being in the heart of City.

• It will be further of the CBD with extension of convention, offices and hotel hub of Marina Centre
• There will be more developments of office cluster for financial business institutions.
• It will be turned into an exciting Commercial hub, blending with entertainment, cultural and lifestyle.
• It will be turned into a strategic transport hub, the area will be well connected by rail and road network to many parts of Singapore.

FRASERS CENTREPOINT WON TOP BID FOR GLS LAND PARCEL MIXED DEVELOPMENT SITE AT JIAK KIM STREET, SETTING BENCHMARK

The close of the Jiak Kim Street and Fourth Avenue Government Land Sales (GLS) tenders on Dec 5 saw 10 and seven bids respectively, and land prices reaching a new high in both locations. This is despite the Monetary Authority of Singapore’s (MAS) warning on a possible oversupply.

In its Financial Stability Review released on Nov 30, MAS said the redevelopment of the recent en bloc sites and the supply from GLS sites could add another 20,000 new private housing units. “This will more than double the number of unsold units currently in the pipeline within the next one to two years,” it notes.

There were more than 30,000 vacant private housing units in 3Q2017, says MAS. Despite a decline in the vacancy rate from the peak of 8.9% in 2Q2016, it remains elevated at 8.4% in 3Q2017 compared with 5.2% in 1Q2013 and the historical average of 6.5% over the past decade. “With slower population growth and relatively high vacancy rates, there is considerable uncertainty as to whether the new supply coming on stream can be fully absorbed by the market,” says MAS.

Excluding commercial and white sites, the top bid of $955.4 million, or $1,733 psf per plot ratio (ppr), submitted by Frasers Centrepoint for the Jiak Kim Street site, is the highest land price on a psf basis for GLS sites sold, says Christine Li, director of research at Cushman & Wakefield. The second-highest bid for the site that was previously occupied by Zouk, submitted by Hong Leong, is only 0.57% lower, “one of the lowest spreads in recent history”, according to Li.

The top bid is 39.9% higher than that paid for the Martin Place GLS site in June 2016, which GuocoLand is developing into Martin Modern. Li says the bid for the Jiak Kim Street site translates into $1,580 psf ppr, including an additional 10% bonus gross floor area (GFA). This means Frasers Centrepoint is pricing a slight increase of 6% to 7% into the sale price of the future development, based on the median sale price of $2,343 psf at Martin Modern in October. “This is in line with the market expectation that prices of new homes will rise 5% to 10% next year,” says Li.

Tricia Song, head of research for Singapore at Colliers International, expects a break-even cost of $2,400 to $2,450 psf for the project, and an average price of $2,600 to $2,700 psf, which will be 10% higher than Martin Modern’s median price in October. “The bullish bids for the Jiak Kim Street site came on the back of its attractive attributes, the limited supply of sites in the area and brisk home sales in the vicinity,” says Song, who notes that 186 of the 210 units launched at Martin Modern have been sold since it was launched in July.

“We believe the strong bids will heavily influence the demand and pricing of collective sale sites in the city, including the iconic Pearlbank Apartments in Outram,” adds Song.

The 1.35ha Jiak Kim Street site is located along the Singapore River and flanked by the Grand Copthorne Waterfront Hotel Singapore, Tribeca and Mirage Tower. It is zoned “Residential with 1st storey Commercial” and has a maximum GFA of 551,478 sq ft, including a 16,146 sq ft commercial component. According to URA, it can yield 525 units. Along with the Fourth Avenue site, the 99-year leasehold site was previously on the Reserve List of the GLS programme. They were launched for tender on Nov 2 and Oct 19 respectively.

The tender results reflect developers’ preference for the Jiak Kim Street site as it drew a higher number of participants and a top bid that was 39% higher than its reserve price, says Tay Huey Ying, head of research and consultancy at JLL Singapore.

Source: Yahoo Finance December 2017

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