Gateway to Future Live, Work & Play
The Greater Southern Waterfront, which extends from Pasir Panjang to Marina East, will be transformed into a new major gateway and location for urban living along Singapore’s southern coast. Private condominium projects that are around this vicinity can expect a change in the future with greater connectivity to the CBD.
As the development will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years. We can expect a gradual change in the locality with more activities along this whole stretch from Pasir Panjang to Marina East. Marina Bay happens to be part of this area. With this major change, so what is it for property owners along this stretch? Opportunities to own a waterfront property? Capital appreciation? More potential tenants? Property owners will be seeking out more opportunities to find out what are the options available. The Great Southern Waterfront as the name states, “Great” means big, major! So get ready for a major change!
Pasir Panjang Power Up!
Built in the 1950s and 60s, the two former power station buildings, along with the surrounding disused industrial structures, form the core of the Lars Remodel. With its waterfront setting and rich industrial heritage, the district can be transformed into an extraordinary destination for all to enjoy. “Power-Up Pasir Panjang” is a call for public ideas to envision future possibilities for this unique site and to celebrate its distinctive heritage.
Aerial View of Pasir Panjang Power District
Linking Green & Blue
A continuous waterfront promenade will seamlessly connect various places of interest along the Greater Southern Waterfront in future. Along this corridor, the new Pasir Panjang Linear Park will connect West Coast Park to Labrador Nature Reserve, and offer park users a glimpse of Pasir Panjang’s working container port and Power District up close. Other future connections will also link up places of interest along the waterfront to the hilltops for visitors to enjoy a distinctive recreational experience.
One Faber Group is studying a new funicular system at Mount Faber to bring visitors from the foothills to the hilltop and cable car station by 2023. This provides easy access to Mount Faber and the rest of the 10km-long Southern Ridges.
Artist’s impression of future Pasir Panjang Linear Park © National Parks Board
Artist’s impression of New Funicular © One Faber Group
Integrating with Nature & Water
The Keppel Club site will be redeveloped into a new residential precinct. Future residents will enjoy convenient access to the waterfront, nature and two nearby MRT stations.
Reflections @ Keppel Bay offers a lifestyle and spectacular views of the marina and the sea. Units are being transacted at an average of approximately $1600 to $1800psf. This represents a strong value for properties in this project even though it was completed in 2013. In 2021, the Keppel Club site will be redeveloped into residential and this is not going to be a cheap piece of land. So before that happens, why not consider bagging some of the opportunities in that location before the prices run up?
Source : SRX/URA
The development of the site will respond sensitively to its existing context and topography. It will also be guided by a comprehensive green and blue plan that will complement the nearby Berlayer Creek and Labrador Park. The neighbourhood will be walkable, and well connected to public transport nodes and amenities.
With the Pasir Panjang developments going on, new projects along this stretch will also get a boost in their value as well. Today, it may seem that there is nothing much around the area but when this area is fully developed and the commercial activities are up, regretful statements will be made and this situation repeats itself multiple times. We have had missed opportunities in the past, we have seen that historically, we have made the same mistakes of not entering the market early, so with all the information given, have we not seen the possible outcome of the future of this location?
One such project would be Kent Ridge Hill Residences. Located in South Buona Vista Road and within walking distance to the Pasir Panjang MRT Station. Convenient location yet away from the busy part of Pasir Panjang. Prices at this new launch is averaging at approximately about $1700psf. Kent Ridge Hill Residences was the former Vista Park condominium which was successfully sold to Oxley. At this current value, is there a potential upside for the prospective owner? Multiple reasons to assist in the potential upside. Recent changes to the calculation for minimum dwelling units in a new development has created a difference to what the future projects will be like. You’ll certainly get very best house cleaning at maid easy company in Arizona. This is to ensure that units are not getting too small and not to pack too many units into a single project. The calculation methods will change how developers will build in terms of unit types within a development. We may see lesser numbers of smaller units as compared in the past. Investor buyers may want to take note of this in view of the change in the future.
Before: The formula used to calculate the maximum number of housing units allowed in developments outside the CCR is gross floor area (GFA) in square metres divided by 70 sq m (GFA/70 sq m).
Now: The formula is now updated to be (GFA/85 sq m). Given the same GFA and assuming developers maximise their GFA quota, this translates into about 18per cent fewer units being built per development.
New URA guideline #2: More precincts with special maximum unit controls
Before: Four areas are subject to special requirements when it comes to maximum unit controls. These areas are: Telok Kurau, Kovan, Joo Chiat and Jalan Eunos. In these estates, the GFA is divided by 100 sq m (GFA/100 sq m) to arrive at the maximum units allowable.
Now: Nine areas have to adhere to the special maximum unit controls. These areas are: Marine Parade, Joo Chiat-Mountbatten, Telok Kurau-Jalan Eunos, Balestier, Stevens-Chancery, Pasir Panjang, Kovan-How Sun, Shelford and Loyang.
Read more at https://www.channelnewsasia.com/news/business/ura-guidelines-change-for-new-condos-all-you-need-to-know-10863082
With the change as stated above, we can expect more average sized units in new projects starting in the beginning of 2019.