PROJECT DETAILS

CBD LIVING SET TO PICK UP MOMENTUM

LIVING in the bustling Central Business District has caught on, with plenty of property launches in the area in recent years.

Many people love the convenience of being just five minutes from work, but some have grumbled at a lack of amenities. There are no schools, supermarkets and shopping centres in close proximity, they say.

But this is set to change with more mixed developments in the pipeline, experts say.

Take, for instance, GuocoLand's 1.7 million sq ft mixed-use development, Tanjong Pagar Centre.

It will boast a tower of Grade A office space, 181 luxury serviced apartments called Clermont Residence and shops. The project will be linked to the 202-room Clermont Singapore hotel.

So far, 14 out of 54 units launched have been sold, at an average price of $3,055 per sq ft (psf).

Over at Marina Bay, all eyes are on the 3.67 million sq ft integrated project Marina One, jointly developed by Singapore's sovereign wealth fund Temasek Holdings and its Malaysian counterpart Khazanah Nasional.

The 1,042-unit project is expected to go on the market in the second half of the year, priced at about $2,800 psf to $3,000 psf.

"Investors who buy small units can expect keen leasing interest from mid- to senior-level expats who might be on limited housing allowances but still want a conveniently located property," said Mr Ong Kah Seng, director of R'ST Research.

Other new developments launched include the 202-unit 76 Shenton, which has moved units at an average price of $1,959 psf, according to data from Square Foot Research.

The 280-unit Altez in Enggor Street has sold 229 units, at an average price of $2,390 psf, while 215 homes have been snapped up at the 360-unit Skysuites@Anson for $2,603 psf on average.

Units were sold at a median price of $2,618 psf at new launches in the five months to May, rising from a median price of $2,303 psf in the same period a year ago, according to HSR Research.

This boom in downtown living has its roots back in 1995, when the Urban Redevelopment Authority (URA) singled out the lack of a residential population as the business district's key weakness, noted DTZ's research head Lee Lay Keng.

The URA then set about introducing city living to the area.

After that, the first residential projects com- pleted were the 646-unit Icon by Far East Organization, which obtained its Temporary Occupation Permit in 2007; and the 168-unit Lumiere, which was completed in 2010.

Resale prices of units at these older projects have held steady, noted Mr Ong, staying flat in the past year.

"Resale prices were able to hold in 2013 due to strong leasing demand, although rents are moderating," he said.

"Most investors feel that there is a ready pool of tenants, despite more competition than before."

At Icon, 91 leases were secured at a monthly median rent of $6.69 psf in the first quarter, while Lumiere had 17 leases at a monthly median rent of $5.90 psf.

Rental yields in the area are about 4 to 4.5 per cent, well up on the islandwide rental yields of 3.8 per cent, added Mr Ong.

"In the longer term, as plans for the Southern Waterfront City under the 2013 Masterplan are implemented, we expect that this will add further impetus to the rejuvenation of the Tanjong Pagar area," said Ms Lee.

"As the current CBD is extended towards Tanjong Pagar, this will help to support rental and capital values in the area."

LOCATED IN HEART OF KEY GROWTH AREA

City Central Region

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.

Government Land Sales GLS

GREATER SOUTHERN WATERFRONT

With about 1,000 hectares of land - that is 3 times the size of Marina Bay - up for development in the Greater Southern Waterfront after 2030, the landscape we can paint is limited only by our imagination. As we stand at the threshold of a new chapter in our city’s development, we would like to share 6 broad ideas for the Greater Southern Waterfront with you. The possibilities are immense and we would like to hear your ideas for this extraordinary waterfront of the future.

The planned relocation of the City Terminals and Pasir Panjang Terminal to Tuas will free up 325 and 600 hectares of waterfront land respectively. The first set of berths at Tuas Port will be operational in 10 years’ time, and the City Terminals will be phased out by 2027. The areas now occupied by the City Terminals and Pasir Panjang Terminal will present a redevelopment opportunity of enormous potential.

The size of the Greater Southern Waterfront affords opportunities to create many differentiated waterfront districts, with unique characters and experiences. Currently under development are Bayfront and Marina Central areas, which are located next to the CBD. Marina South will also be launched for development in a few years’ time. Elsewhere, plans for the remaining areas, including Labrador, Tanjong Pagar and Pulau Brani, will continue to be explored and refined before they are implemented in the longer term.

Greater Southern Waterfront represents an opportunity to create a new waterfront city that is seamlessly integrated with our downtown and surrounding housing and businesses near the city. Greater Southern Waterfront could be built up for new housing, commercial, cultural and entertainment uses, cementing Singapore’s growing reputation as a world-class city for its people to live, work and play.

What’s a great city without great public spaces? The Central Linear Park in Marina Bay can be extended into Greater Southern Waterfront. Opportunities abound for people to stroll, run and take in the new city sights along the extended Central Linear Park, from the current Marina Bay Promontory to the waters of Keppel Channel which overlook Pulau Brani in the distance. Another possibility is to create a new pedestrian axis which branches diagonally from the Central Linear Park, further increasing the network of public spaces through future new city districts. This new axis could be designated as a car-free zone, thereby creating opportunities for vibrant street life.

Our reservoirs not only form a key component of Singapore’s plan to achieve water self-sufficiency, but also provide picturesque settings for a range of outdoor recreational activities. A new reservoir could be created between Tanjong Pagar and Pulau Brani to retain rainwater from the Greater Southern Waterfront and to store excess water from Marina Reservoir that is currently discharged into the sea. This possible future Southern Reservoir would increase local water supply. It would also allow for the creation of an attractive network of canals through human-scale neighbourhoods with lively streetscapes. The canal provides connections to other destinations within the Greater Southern Waterfront.

With so many places of interest dotting Greater Southern Waterfront, a continuous corridor to connect them all would open up fresh possibilities for a leisurely day out. Can you imagine a continuous, uninterrupted 30 km-long waterfront for walking, running and cycling? One could make stops from Labrador and Harbourfront all the way to the International Cruise Terminal and the Gardens by the Bay at Marina South for a unique and varied waterfront experience.

To promote biodiversity and augment the green network in the densely built-up city, existing green spaces such as Labrador Park, Berlayer Creek and Mount Faber could be linked to Pulau Brani’s existing hillock through a green corridor. These will allow seamless movement across these places amidst nature and greenery. At the same time, a proposed eco-corridor could provide an unbroken ecological connection that links Gardens by the Bay to the island-wide green network, including the Rail Corridor and Southern Ridges. Embedded in this corridor would be inviting public spaces for community interaction, activities and events.

The 6 ideas on Greater Southern Waterfront are drawn from the following consultancies:

1. Greater Southern Waterfront Design Consultancy by Urban Strategies Inc.
2. Sustainable Development Framework Planning and Design for Marina Bay
   and Greater Southern Waterfront by AECOM Singapore Pte. Ltd.

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