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Business Times
a day ago
- Business
- Business Times
Orchid Country Club, Science Park sites among plots rezoned for housing
[SINGAPORE] Three sprawling golf club sites and five Buona Vista business park plots are among parcels of land that have been rezoned for housing in the new Draft Master Plan 2025 (DMP2025). Unveiled on Wednesday (Jun 25), the DMP2025 charts Singapore's development in the next 10 to 15 years, with a review done every five years. Key planning priorities outlined in the blueprint's latest iteration include carving out new residential neighbourhoods to meet demand, as well as retooling the city-state's regional hubs and industrial estates for an evolving economy. Analysts highlighted the rezoning of existing golf courses Orchid Country Club in Yishun and Warren Golf & Country Club in Choa Chu Kang, where leases end in 2030. Marina Bay Golf Course, which closed its doors in July 2024 after its lease expired, has also been earmarked for residential use. ' More than 10,000 private and public homes could be built at the Orchid Country Club location, which overlooks the Seletar Reservoir. ' — Lee Sze Teck, Huttons Asia senior director of data analytics Several plots in the research and development and technology clusters in Media Circle and Science Park, previously zoned for business parks, are also being prepped for residential development. Catherine He, head of research at Colliers Singapore, said these plans align with the government's goal to meet Singapore's housing needs and make 'the highest use of land to benefit the most number of residents, as opposed to just select groups'. 'Land scarcity means underutilised sites, like golf courses or low-density areas, are prime candidates for rezoning,' she said. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Being plum sites near work hubs such as the Central Business District (CBD), one-north, Buona Vista and the National University of Singapore, and with the potential for waterfront living, these 'would probably be in high demand by homebuyers'. Rezoning business park land is also ideal for Singapore's bifurcated market, said He. Business parks that are older and farther out have not performed as well as newer ones, and those in the city fringe have underutilised space. Huttons Asia senior director of data analytics Lee Sze Teck reckons that more than 10,000 private and public homes could be built at the Orchid Country Club location, which overlooks the Seletar Reservoir. The Marina Bay Golf Course site – sitting beside the Founders' Memorial – could yield an iconic public housing precinct similar to Pinnacle @ Duxton and another 10,000 homes in a prime area. In Buona Vista, three business park sites in the Media Circle location along Ayer Rajah Crescent have been rezoned from business park use to residential with commercial on the first floor. These are on top of the four land parcels that were rezoned from business park use to housing in May last year. One was a plot of land opposite Infinite Studios in one-north, that was proposed for residential with commercial use on the first floor, with a plot ratio of 3.7. Another two Dover area sites at Portsdown Road and Portsdown Avenue were proposed for residential with commercial use, with one subject to detailed planning and the other with a plot ratio of 4.3. A fourth parcel in the vicinity was also proposed for pure residential use. PropNex chief executive Ismail Gafoor pointed out that the provision of more commercial space in the Media Circle location in the DMP2025 will offer more amenities to future residents. Not far from Media Circle, two sites in Singapore Science Park 2 that were reserved for business parks have also been rezoned to residential use. One is a large parcel along South Buona Vista Road, opposite Kent Ridge Park. The other smaller plot is just across Zehnder Road. Gafoor said this was in line with the ongoing rejuvenation of Singapore Science Park, and follows the launch of CapitaLand Development's (CLD) 99-year leasehold LyndenWoods condominium – the area's first residential project. In an interview with The Business Times on Wednesday, CLD (Singapore) CEO Ronald Tay said LyndenWood's launch over the weekend kick-starts the second phase of Singapore Science Park's rejuvenation. The aim is to create a 50,000-strong vibrant work-live-play community, with another one or two residential projects in the pipeline. 'When the whole (estate) is fully rejuvenated, it will be around 75 per cent business park, about 20 per cent residential and the rest commercial retail,' said Tay. Previously, the area was fully zoned for business park use. He added that such residential and commercial opportunities could emerge beyond Singapore Science Park, given CapitaLand's ecosystem and CLD's expertise in building integrated developments. 'There are potential opportunities in places such as Changi as well, which is also a business park. A lot of them also need serious rejuvenation... and they are already in our land bank.' Turning underutilised business parks to residential use will help to optimise land use while making the area more lively, said Colliers' He, especially in the evenings and weekends. ' There are potential opportunities in places such as Changi as well, which is also a business park. A lot of them also need serious rejuvenation... and they are already in our land bank. ' — CapitaLand Development (Singapore) CEO Ronald Tay Alan Cheong, Savills Singapore executive director for research and consultancy, pointed out that since business parks had limited uses, only a few industries would qualify for it, posing a concentration risk for this type of real estate. 'A sudden blowout in the funding for certain tech sectors, the contraction in technology cycles and/or the rapid emergence of foreign competition for certain uses (could lead) to greater demand volatility than, say, office or residential uses,' said Cheong. This can already be seen in business parks throughout the island, with many having heightened vacancies. 'The insertion of residential and white sites into such (business park) zones would reduce that risk,' he said. Cheong noted that some companies may relocate to the area if more high-quality offices are developed there, with rents being significantly lower than those in the CBD. 'The provision of more residential developments would enhance the attractiveness of locating there for multinational tenants, who have a sizable workforce on Employment Passes.' Catering to demand In the south, a massive site in Bukit Merah has been rezoned to residential use, from being a reserve site with undetermined use. The parcel, bounded by Telok Blangah Road and Alexandra Road, includes the art enclave Gillman Barracks and the Academy of Singapore Teachers campus. In March 2024, then minister for national development Desmond Lee had said at his ministry's Committee of Supply debate that the Gillman Barracks area may be turned into a residential neighbourhood after 2030. Industry experts predicted that demand for homes will likely be robust. The last Build-To-Order sales exercise in the Telok Blangah area was in May 2021, and saw an application rate of 23.3. Further south, part of Keppel Distripark has been rezoned for residential use. It was previously a reserve site. The plot, which sits next to the upcoming Keppel MRT station, is likely part of the government's Greater Southern Waterfront initiative, said PropNex's Gafoor. In his 2019 National Day Rally, then prime minister Lee Hsien Loong said the mega waterfront development would be double the size of Punggol town, with private and public housing. With Keppel Distripark closing by 2027 and Keppel MRT station opening in 2026, Lee from Huttons Asia predicts that the first plot to be released for redevelopment will be as early as 2028. More than 20,000 new homes may be built on the site, he added.
Independent Singapore
07-05-2025
- Business
- Independent Singapore
Global trade war could trigger discounted prime property deals in Singapore
SINGAPORE: The city-state's real estate market is mobilising and getting ready for new activities as unscrupulous investors aim for cut-rate prime properties up ahead of and after the termination of the 90-day US tariff restriction. According to the latest Singapore Business Review report, the provisional hiatus in the current US-China trade conflict has created a window of opportunity for resident and private wealth consumers to grab properties at more attractive appraisals, industry specialists say. 'Slower economic growth and reduced foreign investments might put downward pressure on property prices, which could lead to more attractive valuations,' said the head of research at Colliers Singapore, Catherine He. 'Some investors will wait it out, but others will move quickly to secure prime assets,' Ms He further stated. Industrial sector stays resilient with long-lease flexibility Notwithstanding uncertainties worldwide, Singapore's industrial property segment continues to be a stronghold. Alan Cheong, executive director of research and consultancy at Savills Singapore, confided that seven official transactions worth $211.2 million were documented in Q1, with long occupancies shielding the market from temporary instability. 'Factory and logistics space demand is unlikely to be impacted significantly, as end-users have already committed to long leases,' said Cheong. He stressed that any drop or elimination of tariffs over time would further even out the sector. Mixed outlook for office space; residential market shows resilience Trade pressures are anticipated to have a varied effect on office rentals. Cheong cautioned that older or less premium Grade B and C office buildings may face challenges, but prime spaces will be more stable. In the meantime, the Lion City's residential property market remains appealing to local and international buyers alike. 'In uncertain times, locals increasingly see property as a safer haven than cash or equities,' Cheong said. He attributed this to baby boomers and early Gen X investors, whose amassed reserves and investments are now driving private home acquisitions. Strategic caution urged for developers and investors Industry leaders recommend that real estate developers stay vigilant, yet must also be hands-on for any subsequent occurrence. Colliers' managing director Bastiaan van Beijsterveldt is encouraging geographic modifications and an emphasis on income-generating properties. He also highlighted the value of strategies that can retain tenants during turbulent times. With Singapore's securely structured property supply, developers have a degree of assurance, but property experts warn against aggressive bidding or assessment. 'Developers should remain conservative with land acquisitions and new launches to weather the ongoing uncertainties,' Cheong firmly stated.
