The future looks bright for the property market even as it takes “a course through the cycle of business”. This is the view of the Real Estate Developers' Association of Singapore (Redas).
In fact, the government’s long-term plans have opened up “tremendous economic and business opportunities”, said Redas President Chia Boon Kuah.
Speaking at the association’s annual mid-autumn celebration, he added that Paya Lebar and Tanjong Pagar will be the largest sites to be worked on by developers since Marina Bay.
Meanwhile, the group plans to increase its public engagement in various areas, including submitting ideas to authorities on the development of Paya Lebar and Tanjong Pagar.
The government had earlier announced plans to relocate the military airbase in Paya Lebar to Changi and transform Tanjong Pagar into a waterfront city, following the move of the container port to Tuas.
The relocation will free up more land available for residential and industrial use within the city-state.
Chia also said while the cooling measures have affected the property market, interest from foreign buyers, which includes developers and private equity investors, to acquire development land here “remains unabated”.
“They have done their sums, . . . their study and they believe in the future of Singapore,” he noted.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email email@example.com