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SG URA: Plan excites analysts

Property Here - Wednesday, November 20, 2013

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The government’s announcement this morning of the URA Draft Master Plan 2013, which provides detailed information on the future physical development of Singapore in the next five years, has been well-received by property analysts.

In a nutshell, the plan will see more townships built for Singaporeans of all ages and bring quality jobs closer to home.

Describing it as well-balanced and addressing many of the critical issues facing the country, Chesterton Singapore Managing Director Donald Han, said: “Sufficient land has been set aside for public and private housing for increased population growth.”

These include areas in Bidadari, Tampines North and Punggol, while more homes will be built within the Sembawang, Yishun, Hougang and Choa Chu Kang areas. 

“The developments will free up land for another 15,000 residential units and is exciting news especially for the younger working class who wish to stay in the OCR (Outside Central Region) or close to the city centre,” noted Shaun Tan, CEO and Key Executive Officer of property agency M.O.R.E. 

This will provide more housing options for developers and home buyers and also ease the supply crunch. According to Tan, more vibrant buildings and mixed-use projects could be developed in those areas and he expects strong interest to come from local and foreign developers bidding for the new sites.

Meanwhile, popular heritage centres like Holland Village, Serangoon Gardens and Jalan Kayu will be preserved and enlarged to provide more lifestyle choices for residents. 

Han added: “It appears that the government has placed a ‘listening ear’ and is willing to try out different schemes to invigorate a higher quality of living for various stratum of society. If it succeeds, the Singapore of the future will be a very different place from today – more colour, more buzz adding tremendous appeal and value proposition for one to live, work, learn and play. It can be a true model of an enhanced global city for other countries to follow.” 

Moving forward, Tan believes the next three big sites to watch out for will be the Mount Vernon area, Tanjong Pagar and Paya Lebar Airport, which will be released in the 2018 Master Plan.