The Marine Parade area could benefit as Paya Lebar Airbase moves to Changi sometime in the 2030s

The URA Master Plan 2019 and the Long-Term Plan Review along with an exhibit which began on June 6th, shows the future plans for some of Singapore’s most sought-after locations as well as new zones. It will be a part of it’s EdgeProp NDP Master Plan Master Class webinar series that runs from August 6-20. In the final part in the series we look at areas of the East Coast and the CBD region, where a significant change is happening.

Terra Hill Hoi Hup Sunway have jointly acquired Terra Hill Condo for S$371 million ($276.1 million) through a joint venture.

Within on the East Coast, the idea of an “Long Island” which integrates measures to protect the coast with plans for future reclamation plans are being thought of. It could be a possibility to create an additional reservoir to improve Singapore’s water and food security. This is crucial to ensure Singapore’s future in the face of climate change.

“Long Island “Long Island” could also be developed to build new houses and is connected to the coastal parks and recreation areas. The concept was first proposed as a reclaimed island to be used for residential and leisure facilities along the waterfront as part of the Concept Plan.

Further along further along the East Coast Parkway is the Bayshore region. Land has been cleared create an entirely new Bayshore area that is set to have 12,500 houses in the near future. The area will have a mixture of private and public housing, comprising 6000 HDB homes and 6,500 residences. The new area of 60,000 square meters (645,800 sq feet) will feature a pedestrianized main street. “The concept is to encourage healthy living within areas like the East Coast area,” says Bernard Tong, CEO of EdgeProp Singapore. “Priority is given to cycling, walking and public transportation.”

In of the Bayshore Precinct are two MRT stations, one at each end The upcoming Bayshore as well as Bedok South stations on the Thomson-East Coast Line (TEL). Bayshore Station is part of phase 4 of TEL While Bedok South is part of Phase 5 (together with Sungei Bedok). The station is expected to open sometime between 2024 and 2025.

Over the long time in the long run, over the long term, Marine Parade estate located on The East Coast is likely to benefit from the relocation of the Paya Lebar Airbase. After the airbase has been relocated building heights for structures in the area surrounding it can be relaxed, such as at Paya Lebar, Marine Parade or Hougang the Hougang, or Paya Lebar, Prime Hougang or Paya Lebar, Minister Lee Hsien Loong had said at the National Day Rally on Aug 21.

Older structures in the area could be renovated. “The changes could increase the possibility of en bloc construction of resales located around Paya Lebar, Marine Parade and Hougang,” comments Christine Sun the senior vice president of analytics and research. “Some units built in the past but are less than 20 stories may be suitable for renovation. These condos could be demolished and rebuilt to a higher standard in the near future.”

The older flats within the Marine Parade Estate could benefit in particular, particularly the ones constructed between the 1970s and the 1980s. In a decade’s time they’ll be more than half a century old. “Some older flats might be renovated as part of Sers (Selective En Block Redevelopment Program) to optimize the land’s use, since limitations on heights were lifted and more tall flats are being constructed now,” points out Sun.

Additionally is that the TEL station, which has a station in Marine Terrace and another station located at Parkway Parade, will do great things to improve the convenience and accessibility of the area as noted by EdgeProp’s Tong. In the meantime, the growth in resales HDB and resale condominiums within The East Coast has already surpassed the average of Singapore in the last decade Tong adds. This trend is likely to continue to grow in the coming years, considering the long-term goals for the region.

In the CBD The rate of renewal has been accelerated, particularly within The Tanjong Pagar area that is considered to be as the entrance point to the upcoming Greater Southern Waterfront.
Since Marina Bay already developed, the government plans at developing these areas: Marina South, Marina East and Straits View areas. URA is planning to make the most of Singapore’s main assets -“waterbodies and greenery “waterbodies and lush greenery” to transform areas like the Marina South, Marina East and Straits View enclave into “an appealing live-work-play-play area, complemented with high-quality transport and infrastructure”.

First residential developments site located at Marina South was released under the 2H2022 Government Land Sales program. The site is located in Marina Gardens Lane, the 99-year leasehold site could yield around 795 housing units. The site is scheduled to be launched in December.

URA’s goal is to build more houses in the CBD as well as for residents to be closer to their workplace and the recreation and lifestyle facilities in the city according to Desmond Sim, CEO of Edmund Tie. “It’s one of many aspects of URA’s overall strategy to add more work, live, and play into the CBD and to bring the CBD excellent once more.”

In order to encourage mixed-use developments with a range of uses that complement each other to help support living-in residents within areas like the CBD, URA introduced the CBD Incentive Scheme with bonus plot ratios for developers in the Master Plan 2019. URA also launched an initiative called the Strategic Development Incentive Scheme to help encourage the renovation of older structures in strategic locations.

URA had received twelve outline application in the CBD Incentive Scheme as at April 5 Of these, eight have been granted in-principle approval. In addition, URA has received and granted in principle approval to four outline proposals under the Strategic Development Incentive Scheme.

With the renewal of the CBD There will be greater housing options and amenities available in The City Centre. This could result in an increase in the value of capital within the CBD.