Category Archives: Property Market / Real Estate

What’s up at the bay

Marina Bay, Singapore’s crown jewel, is slowly but surely taking shape

In 1992, there were plans for a landmark twin tower – Singapore’s tallest office buildings – just at the water’s edge in Marina Bay, soaring to as high as 80 storeys.

A model of the towers was even on exhibition in 1996 when plans were unveiled for the area.

Those monumental structures never quite materialised on the fringe of the waterfront. And it was probably a good thing: Imagine how people in the other buildings behind the two mammoth structures would have felt.

The new plan by Singapore’s urban planners was much more equitable: Let everyone have a piece of the bay views.

It was a rethinking that meant throwing out the original blueprint of densely developed buildings along the waterfront, and creating districts rather than block after block of commercial buildings.

And so it was mandated that waterfront developments should not rise above 50m in height, while buildings will step up gradually, much like how seats are arranged in a theatre.

When the Urban Redevelopment Authority (URA) was tasked with the job of planning for Singapore’s future land needs, it was not just about dumping soil into the sea to create more land.

The bigger challenge was sculpting the skyline, making sure it looks picture perfect on every postcard and tourist snapshot.

Meticulous planning

Marina Bay is, undoubtedly, Singapore’s crown jewel – arguably the most ambitious and longest-in- planning development the Government has ever undertaken.

An enormous amount of contemplation, engineering and investments has been poured into this prime plot, which the public had a glimpse of when Prime Minister Lee Hsien Loong shared a fly-by video of it at his National Day Rally speech this year. In his rally speech in 2005, he gave a preview of the new Marina Bay, which was still at the drawing stage. Continue reading

Impact of new sites won’t be felt yet

Sites for tender will yield 2,925 units but they won’t be ready for at least 1.5  years

The Government came out about a week ago to say that there is no shortage of residential supply and thus no need for buyers to rush. That was when it announced its decision to tender out eight residential sites for sale in the first half of next year.

The eight sites are in non-city areas such as Choa Chu Kang, Simei and Tampines.

It also has a long reserve list of residential sites that are available for sale, if developers are to show interest by committing to a minimum bid the Government finds acceptable.

This potential supply comes from the twice-yearly government land sales programme and means buyers will have more choices while property owners may benefit.

HDB upgraders in particular will be glad to know that the latest sales programme – for the first half of next year – will see a slew of suburban residential sites.

Property owners who live near the eight sites can expect to see a new project in their neighbourhood in the next few years.

If the economy improves steadily, they can even look forward to a rise in their home values when the new project is released for sale.

‘Generally, when a new project is launched, it will have a bearing on the developments in the vicinity,’ said Colliers International’s research and advisory director, Ms Tay Huey Ying. Continue reading