New URA master plan to provide more housing options
By Wong Siew Ying, Channel NewsAsia | Posted: 29 June 2007 2215 hrs

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SINGAPORE : More residential sites will be released in Marina South.

Besides providing more housing options in the downtown area, there will also be developments outside the city.

This is all part of the Urban Redevelopment Authority's upcoming Master Plan Review 2008.

The plan will be put up for public feedback by the middle of next year and is expected to change the way Singaporeans live.

There will be city living in the midst of lush greenery, complete with breath-taking views when the Marina South Gardens by the Bay is ready.

Mah Bow Tan, National Development Minister, said: "We will be developing the area around the Gardens for very high-end, high rise residential use in the city area.

"This would be, I believe, very attractive, because it will not just have views of the Gardens, but it will also have views of the water, the Marina channel and across to the Straits. So that's something we hope to start within the next five years."

Analysts say the new sites will attract international players and the units are expected to sell very well.

But they will not come cheap. These areas will command premium prices, just like properties in Manhattan in New York or near Hyde Park in London.

Still, the move to set aside more land for residential use is welcomed as it could take the heat off the property market.

With the government releasing 41 sites in its recent land sales programme, analysts project that there will be potentially some 42,000 new residential units by 2010.

Donald Han, Managing Director, Cushman & Wakefield, said: "I think the government is focusing on the supply. Don't rush out there (thinking that) there is going to be a supply crunch. Don't worry, there is a lot of supply, not only in terms of the central area.

"There's a lot of new areas that the government is developing and creating new residential enclave at Kallang Basin area."

He said the government is releasing more land outside the central area, which is meant to cater to the mass market.

There are also plans to further develop Seng Kang and Punggol to offer more facilities and activities for residents.

But not everything will change.

The Housing Development Board says it will retain certain icons in old HDB estates, to preserve the memories of Singaporeans. - CNA/ch