Cushman & Wakefield Comments on National Day Rally: Greater Southern Waterfront and Climate Change

Greater Southern Waterfront

The Greater Southern Waterfront (GSW) stretches from Gardens by the Bay East, all the way to Pasir Panjang terminal. With 2,000 hectres of land, it will be six times the size of Marina Bay or about twice the size of Punggol. The GSW is poised to be transformed into a mega mixed development zone where Singaporeans can work, live and play. One of the first new developments for GSW will be on the existing Keppel Club site, which will be redeveloped into a housing precinct, comprising a mix of 9,000 private and public housing units. This will allow a wide range of Singaporeans, both lower and higher income households, to enjoy sea-front living with modern and high-rise residential blocks in the GSW.  Housing in this area is expected to good demand, given its city fringe location, sea-front living and connectivity due to the nearby MRT stations. Additionally, a new business cluster will emerge at a highly sought- after city fringe location where multinationals the likes of Google, Unilever and Cisco are currently situated. 

There will be minimal impact on the existing housing projects in the vicinity when construction starts due to blocked views and construction noise and dust. However, over the longer term, housing prices are expected to appreciate due to the injection of more commercial and entertainment activities in the area. Sentosa and Pulau Brani will leverage on the waterfront location to create the next generation entertainment and recreational facilities for the region. Plans are already underway for Sentosa to open a new lifestyle quarter called Siloso Green, which will span 24,500 sqm. Resorts World Sentosa has also previously announced a $4.5b development investment which will expand its current GFA by about half.  Upcoming attractions include Singapore Oceanarium, Minion Park and Super Nintendo World nearby. Pulau Brani, which is now home to a port terminal is also expected to house a new resort called Downtown South. The resort is expected to be accessible to the mass market, bringing more local traffic to the south which could help change the perception of Sentosa being too inaccessible and expensive to the local mass market. The large expanse of land in the GSW that is available for development is an opportunity to secure Singapore’s status as an entertainment hub in Southeast Asia.

This will further enhance the attractiveness of decentralised office and business park offerings, and will help to accelerate the pace of office decentralization away from the CBD over the next decade. Given the recent CBD incentive scheme, where the government is trying to encourage more mixed-use developments by introducing more residential, retail and hospitality components, the concept of a CBD may become obsolete in Singapore over the long term. The current CBD and the GSW may eventually evolve into a “Central Business Coast” and would connect One North to Bugis.

Nonetheless, these are very long term plans, and these announcements are not expected to impact the real estate market over the short to medium term.

East Coast

Climate change is a global issue but Singapore being a small island is especially vulnerable to the effects of climate change and rising sea levels. The eastern coastline of Singapore has been highlighted as a potential high risk area due to rising sea levels. If left unchecked, this would have wide ranging repercussions on property values, safety and livability in the area in the future.

Two potential solutions were highlighted during PM Lee’s National Day Rally yesterday, namely building coastal defenses such as polders and dykes along the eastern coast line or reclaiming a series of islands and connecting them with barrages. Both solutions would result in reclamation of land, which can then be used for new developments such as residential and commercial developments. Although such plans are not expected to complete in this generation, we could see the creation of a “Great Eastern Waterfront”, which would then connect the GSW to Changi Airport.

Dark red areas at risk

Polders and sea walls

Reclaiming a series of islands

For further information, please contact:

Christine Li
Head, Senior Director, Research
+65 6232 0882

About Cushman & Wakefield

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