Central Area to see more housing, lifestyle and recreational offerings

Lukman Hakim

Thu, 1 Aug 2024, 6:00 pm9-min read

In this article:

The Central Area, home to Singapore’s CBD and iconic attractions like Gardens by the Bay (pictured) [Photo: Samuel Isaac Chua/EdgeProp Singapore]

The Central Area, home to Singapore’s CBD and iconic attractions like the Marina Bay Sands (MBS) and Gardens by the Bay, is set to be redeveloped and revitalised based on the upcoming URA 2025 Master Plan. Singaporeans can look forward to improved public infrastructure, such as public transport, green spaces, more housing options and the latest rejuvenation of Orchard Road.

In the Downtown Core, MBS will add a fourth hotel tower across the road from its existing three towers. The new tower will have 587 rooms, a sky roof, a 15,000-seat entertainment arena, more Mice (meetings, incentives, conferences & exhibitions) venues, restaurants and entertainment facilities. The expansion is expected to start by July 2025 and be completed by July 2029.

The Raffles Place Park is set to be redeveloped by 2028 (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Green and open downtown spaces will be expanded and improved. For instance, Raffles Place Park, which sits above Raffles Place MRT Interchange Station for the North-South (NSL) and East-West (EWL) lines, is set to be redeveloped by 2028. URA and the National Parks Board (NParks) are currently looking for creative design proposals that can transform the space.

Transport connectivity has also been augmented with the opening of the Thomson-East Coast Line (TEL) stations in Orchard Road, Marina Bay, and CBD. The last three stations on the Circle Line — Keppel, Prince Edward Road, and Cantonment — are slated for completion in 2026, completing the entire loop.

SGH Campus is situated next to Outram Park MRT Station, where a new mixed-use development integrated with the station is in the pipeline (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Rejuvenation of Outram Park

The biggest infrastructure project in the Central Area is the Singapore General Hospital (SGH) campus. At 43ha, it will be Singapore’s largest healthcare hub when fully completed. New facilities such as the National Cancer Centre Singapore, National Dental Care Centre Singapore, Elderly Care Centre and an accident & emergency building are slated for completion by 2027.

The SGH Campus is situated next to Outram Park MRT Station, an interchange for three MRT lines: North East Line (NEL), EWL, and TEL.

A new mixed-use development integrated with Outram Park MRT Station is in the pipeline. It will have amenities catering to the needs of residents in the area.

URA plans to provide more inclusive, liveable mixed-use homes in the Central Area. These new neighbourhoods are envisioned to be car-lite, with a network of street-level and elevated walking and cycling paths that allow for connection to other districts in the Central Area.

URA intends to have 6,000 new homes at the foothills of Pearl's Hill City Park, including short-term housing options, such as rental flats and serviced apartments, to cater to families with different needs (Photo: Samuel Isaac Chua/EdgeProp Singapore)

New housing at Pearl’s Hill, Old Police Academy

Over the next decade, the foothills of Pearl’s Hill City Park will see 6,000 new homes that are a mix of public and private housing. URA will also introduce short-term housing options, such as rental flats and serviced apartments, to cater to families with different needs. This marks the first time in 40 years that new public housing will be introduced in Pearl’s Hill.

The soon-to-be-completed 774-unit One Pearl Bank is set to be the new icon at Pearl’s Hill. It is a redevelopment of the former horseshoe-shaped Pearl Bank Apartments, which was built in 1976 and was then the tallest apartment tower in Singapore.

There were two sub-sales at One Pearl Bank based on caveats lodged for the first six months of 2024: A 1,432 sq ft, four-bedroom on the 29th floor changed hands for $3.68 million ($2,571 psf) in February; and a 1,281 sq ft, three-bedroom on the 12th floor fetched 3.2 million ($2,498 psf) in June.

The soon-to-be-completed 774-unit One Pearl Bank will be the new focus at Pearl's Hill (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Latest transactions at One Pearl Bank (Source: EdgeProp Buddy)

Sitting at the top of Pearl’s Hill City Park is The Landmark, a redevelopment of the former Landmark Tower by a consortium of ZACD Group, MCC Land and SSLE Development. The 39-storey, 396-unit condo is fully sold. The last three units — all 764 sq ft two-bedders on the 35th to 38th floors — were transacted on July 21 at prices ranging from $2.05 million ($2,682 psf) to $2.072 million ($2,711 psf), based on caveats lodged.

Pearl’s Hill City Park will also be upgraded with new recreational facilities and habitats for wildlife such as butterflies and birds. The former Upper and Lower Barracks and the Commander’s Bungalow built in the 1920s and 1930s on Pearl’s Hill have been conserved. They provide opportunities for adaptive reuse, such as lifestyle offerings and open community spaces.

The government also intends to develop the Old Police Academy site into a new HDB estate with 5,000 units. The 33ha site on Mount Pleasant Road, off Thomson Road, is near the black-and-white bungalows of the Mount Pleasant housing estate, Bukit Brown and the Central Catchment Nature Reserve. HDB intends to roll out the first of six Build-To-Order projects at Mount Pleasant next year.

Marina Gardens Lane, the first of five residential sites to be launched at Marina South, was purchased by a consortium led by Kingsford Development for $1.034 billion and will be developed into a 937-residential unit project with commercial on the first level (Photo: Samuel Isaac Chua/EdgeProp Singapore)

10,000 new homes at Marina South

Next to Gardens by the Bay, the 45ha Marina South is set to be developed into a mixed-use neighbourhood with residential, retail, office and hotel developments. The neighbourhood, with more than 10,000 new homes, is envisaged as a “10-minute neighbourhood”, where amenities like childcare centres and clinics are within a 10-minute walk.

All developments in the Marina South neighbourhood will be required to be BCA Green Mark Platinum Super Low Energy-certified, and developers are encouraged to plant native species based on NParks’ Landscape Master Plan to allow wildlife to move and provide shelter for pedestrians.

Marina Gardens Lane, the first of five residential sites to be launched at Marina South, was purchased by a consortium led by Kingsford Development for $1.034 billion (Source: EdgeProp Landlens)

The first of five residential sites at Marina South, Marina Gardens Lane, has already been launched for sale and awarded. In July 2023, a consortium led by Chinese developer Kingsford Development, together with Obsidian Development and Polarix Cultural & Science Park Investment, paid $1.034 billion or $1,402 psf per plot ratio (ppr) for the site. The new development will have 937 residential units and retail space on the first level.

The adjacent residential site, which can yield 400 units, is set to be launched in October under the Government Land Sales (GLS) programme. The white site at Marina Gardens Crescent, located across the road, was not awarded as the sole bid was assessed to be “too low” by URA in February. The site is currently on the Reserve List.

The first of three sites, River Valley Green (Parcel A) has been sold in June and has the potential to be developed into a 400-unit condo (Photo: Samuel Isaac Chua/EdgeProp Singapore)

New high-end homes in River Valley

More housing options will also be available in River Valley with three GLS sites made available for sale. The first of three sites, River Valley Green (Parcel A), was awarded to Wing Tai Holdings for $464 million in June. The site can be developed into a new upscale residential project with 400 units.

River Valley Green (Parcel B) is scheduled for launch in October, while River Valley Green (Parcel C) is on the Reserve List and will be available for application in December.

The first of three sites, River Valley Green (Parcel A) was awarded to Wing Tai Holdings for $464 million in June (Source: EdgeProp Landlens)

Rejuvenation of Orchard Road

Singapore’s premier shopping destination, Orchard Road, is set for rejuvenation based on the Master Plan. URA’s vision for Orchard Road is “The Lifestyle Destination” with sub-precincts at Tanglin, Orchard, Somerset and Dhoby Ghaut, each providing unique experiences.

The Tanglin Precinct will be turned into an “arts and artisanal mixed-use neighbourhood”, with the space behind Tudor Court possibly being transformed into a lively courtyard with public art and al fresco dining options.

The carpark at Grange Road in Somerset may become a new event space with dining and entertainment options.

The space behind Tudor Court could be turned into a lively courtyard with public art and alfresco dining options (Photo: Samuel Isaac Chua/EdgeProp Singapore)

To improve connectivity between Orchard Road and Paterson Road, more elevated link bridges may be constructed. Better connectivity across buildings in Somerset is also in the works.

Plans to pedestrianise the area between Istana Park, Dhoby Ghaut Green and Plaza Singapura are being considered to increase the number of activity spaces.

The area above Dhoby Ghaut MRT Station will be developed into Dhoby Ghaut Green, which will house a family-friendly play area, water play features and an activity lawn with a sheltered canopy to host various events.

Plans to pedestrianise the area between Istana Park, Dhoby Ghaut Green and Plaza Singapura are being considered to increase the number of activity spaces (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Strategic Development Incentive Scheme

To encourage developers to revitalise their buildings, URA introduced the Strategic Development Incentive (SDI) scheme in 2019. Under the scheme, developers with mixed-use developments in the Central Area that are at least 20 years old can apply to increase the gross floor area (GFA) of their building. The scheme also requires a minimum of two adjacent sites to be collectively redeveloped to transform the surrounding area.

So far, the scheme has attracted some interest from developers. Tycoon Ong Beng Seng’s Hotel Properties Ltd (HPL) received the green light to redevelop three adjacent buildings — voco Orchard Singapore Hotel, Forum The Shopping Mall, and HPL House — under the SDI scheme last year.

City Developments purchased Delfi Orchard en bloc for $439 million in May (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The new development will include a hotel, retail, office and residential units in three towers. It will also house a rooftop garden, performance theatre and basement carpark.

Another possible redevelopment is Delfi Orchard, which City Developments Ltd (CDL) purchased en bloc for $439 million in May. The site could be redeveloped together with the neighbouring Orchard Hotel and Claymore Connect by tapping the SDI scheme. CDL Hospitality Trusts holds Orchard Hotel and Claymore on a lease, with CDL holding the underlying freehold tenure.

UOL Group and Singapore Land Group intend to build a 280-unit residential project with 500 sq m of commercial space on the first level at the Orchard Boulevard site (Photo: Samuel Isaac Chua/EdgeProp Singapore)

New luxury homes in Orchard Boulevard

At Orchard Boulevard, a GLS site zoned as “residential with commercial at first storey” was awarded to a joint venture between UOL Group and Singapore Land Group (SingLand) in February. The duo paid $428.28 million ($1,617 psf ppr) for the 99-year leasehold site next to Orchard Boulevard MRT Station and intends to build a 280-unit residential project with 500 sq m of commercial space on the first level.

Just 200m away on the opposite side of the road is Cuscaden Reserve. Based on caveats lodged, the 192-unit, 99-year leasehold development is 57% sold, with the majority of the units taken up since the relaunch in March. Prices started from $2,900 psf, or 20% below the initial average sale price of $3,625 psf when the project debuted in September 2019.

UOL Group and Singapore Land Group paid $428.28 million ($1,617 psf ppr) for the 99-year leasehold site next to Orchard Boulevard MRT Station. (Source: EdgeProp Landlens)

Based on caveats lodged between May and July to date, units sold at Cuscaden Reserve fetched prices ranging from $2.816 million ($2,849 psf) for a 936 sq ft, two-bedroom apartment on the 12th floor, to $7.201 million ($3,431 psf) for a 2,099 sq ft, four-bedroom apartment on the 28th floor, the topmost level.

All eyes are now on the new luxury project by UOL and SingLand at Orchard Boulevard, which is expected to be launched next year.

See Also:

News

Life

Finance

Yahoo Finance