Latest news with #UrbanRedevelopmentAuthority
Straits Times
4 days ago
- Business
- Straits Times
i Light Singapore 2025 launched on May 29
National Development Minister Chee Hong Tat (second from left) invited the public to view the Draft Master Plan 2025 exhibition when it launches on June 25. ST PHOTO: AZMI ATHNI New city blueprint to be launched at URA Draft Master Plan exhibition on June 25 SINGAPORE – Singapore will have a new blueprint to guide the city's development over the coming years when the Urban Redevelopment Authority (URA) launches its Draft Master Plan on June 25. Announcing the launch date at an event on May 29, National Development Minister Chee Hong Tat said visitors to the exhibition of the masterplan will see 'how we are planning for a liveable, inclusive and endearing home. A home that all of us can be proud of'. Mr Chee was speaking at the opening of the art festival i Light Singapore, which is in its 11th edition and features 17 light installations in Marina Bay, Raffles Place, the Singapore River and South Beach. The URA Master Plan – one of two major development blueprints by Singapore's planning authority – is a statutory document that guides Singapore's development for the next 10 to 15 years and is reviewed once every five years. It translates broader strategies from the other development blueprint – the Long-Term Plan – into detailed plans that guide how land and properties are used. The Long-Term Plan, which guides plans for the next 50 years and beyond, is reviewed once every decade, with the last edition unveiled at an exhibition in 2022. Public consultations for the upcoming masterplan began in October 2023, and conversations have been shaped around four themes: Shaping A Happy Healthy City, Enabling Sustainable Growth, Strengthening Urban Resilience and Stewarding Our Nature And Heritage . Current developments are guided by the URA Master Plan 2019, which came into force in November that year after it was exhibited for a few months. The Guardians by Matthew Aberline and The Beautiful and Useful Studio (Australia), located at Raffles Place Park. ST PHOTO: ARIFFIN JAMAR Highlights from the 2019 masterplan include the Rail Corridor, Punggol Digital District and the Greater Southern Waterfront. Some of these projects are still in development. Speaking at Marina Bay, Mr Chee said the transformation of the bay area is a testament to Singapore's long-term planning and meticulous implementation. He noted that plans for the bay were developed in the 1970s, when pioneer leaders and planners saw the need to expand Singapore's city centre to support the country's growth as a global business and financial hub. Reclamation of 360ha of land to form the bay took place between the 1970s and 1990s, with landmarks such as Marina Bay Sands and Gardens by the Bay's Bay South Garden built entirely on reclaimed land later. The area's transformation 'is the story of the foresight of those who came before us, who dared to dream and who have laid the foundations for a better Singapore', Mr Chee said. He said the bay is part of Singapore's skyline, which is recognised globally, and that the area is 'a people's bay', with community spaces for all to enjoy. Initiatives such as i Light Singapore gather people from all walks of life and help to bring these community spaces to life, said Mr Chee, who added that the festival celebrates aspirations for a sustainable, shared future. He cited the Bridge Of 1,000 Dreams, an installation that features a thousand illuminated bamboo sticks on Cavenagh Bridge, each of which was decorated by a child and reflects 'the dreams and visions of Singaporeans'. Mr Chee interacting with guests at the launch of i Light Singapore 2025, with the art installation Bridge Of 1,000 Dreams in the background. ST PHOTO: AZMI ATHNI The work is by Studio Toer, a multidisciplinary design studio from The Netherlands, and features Singapore motifs created by local design studio Binary Style. Mr Castor Bours, Studio Toer's co-founder, said having children work on the bamboo sticks 'may be the most important part of the installation'. He added: 'At the end, the sticks are put on a beautiful bridge, but the whole process of helping people think about what they want for their city, what they want for their future in a creative way – that's what makes this installation different from others.' He said having public art installations in the city helps break the monotony of daily life. 'People have their rituals, they walk to work and return from their workplace, and somehow, with an installation, this breaks the ritual a bit,' Mr Bours said. 'They take a few seconds or maybe minutes to get off that rhythm, and be inspired again by their own city. It's a way to be distracted from reality.' Ng Keng Gene is a correspondent at The Straits Times, reporting on issues relating to land use, urban planning and heritage. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
4 days ago
- Business
- Business Times
URA to unveil Draft Master Plan 2025 in June: Chee Hong Tat
[SINGAPORE] The Urban Redevelopment Authority (URA) will be unveiling the Draft Master Plan 2025 on Jun 25, Minister for National Development Chee Hong Tat on Thursday (May 29). The long-awaited draft masterplan, which will map out Singapore's detailed land plans for the next 10 to 15 years, is being introduced at an exhibition after city planners gathered public feedback following the launch of the engagement exercise in October 2023. More homes are being planned in various locations in the Central Region such as Bukit Timah Turf City, Mount Pleasant, the former Keppel Golf Course and Marina South. The government is also focusing on decentralisation, with Jurong Lake District set to become the largest mixed-use district outside the Central Business District. Plans are underway to further develop Changi Aviation Park and Changi City as well as regional hubs such as Tampines and Punggol Digital District. The public was also consulted on a recreation masterplan which will spotlight Singapore's parks, public spaces and attractions as well as 'Long Island', a 800 hectare land reclamation project along the eastern coast of Singapore. Chee was speaking at the opening ceremony for i Light Singapore, the light art festival held in Marina Bay since 2010. The festival was launched by URA to mark the opening of Marina Bay. 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 Chee said: 'Our vision for Marina Bay started as early as the 1970s, when our pioneer generation of leaders and planners foresaw the need to expand the city centre to support and sustain Singapore's long-term growth as a global business and financial hub.' 'Plans were set in motion, to reclaim some 360 hectares of prime waterfront land around a new waterbody that is seamlessly connected to the existing city centre.' Today, Marina Bay is a dynamic and modern hub anchored on sustainable infrastructure with attractions and mixed-use developments, Chee said. 'The transformation of Marina Bay is a story of long-term planning and also meticulous implementation.' Every 10 years, the government reviews the Long-Term Plan that guides the development of Singapore, mapping out strategic land uses and infrastructure needs over the next 50 years. Chee said: 'This is how far we plan ahead so that we are ready for the future.' The development of Singapore is not just about constructing buildings and infrastructure but also about connecting people and places and creating spaces where Singaporeans live, work and play, the minister said. He said: 'As I take on this new portfolio at MND... it is a very challenging task but it is also a very meaningful job. I hope to continue to engage and collaborate with all of you – our stakeholders and partners – to transform even more of our public spaces into vibrant and impactful experiences that brighten our lives, strengthen our community identity and foster a sense of shared ownership of this beautiful city we call home.'
New Paper
4 days ago
- Entertainment
- New Paper
Come 'to gather' at i Light for illuminating giant humanoids, fiery displays and more
Anchored on the theme "To Gather", Asia's leading light festival i Light Singapore is returning for its 11th edition from May 29 to June 21. This year's festival will feature 17 new installations by 20 artists at Marina Bay, South Beach and for the first time, new sites along the Singapore River and at Raffles Place. "As we celebrate SG60 this year, it is apt that the theme for i Light Singapore 2025 puts the spotlight on the power of collective action," said Urban Redevelopment Authority chief executive Lim Eng Hwee. Festival director Jason Chen shared that i Light Singapore is a testament to how partnerships can transform urban spaces into meaningful destinations. "By bringing together diverse perspectives and expertise from artists and stakeholders, we have created an experience that welcomes people to not only gather, enjoy and connect, but also be inspired in taking collective action to shape a more sustainable future and lead greener lifestyles." Here are highlights from i Light Singapore 2025 you should not miss. Fantastic Planet - What's That Located at Mist Walk at Marina Bay. TNP PHOTO: SEAH JUN DE Fantastic Planet - Comfort Located at Waterfront Promenade at Marina Bay. TNP PHOTO: SEAH JUN DE Fantastic Planet - Over Located at Red Dot Design Museum. TNP PHOTO: SEAH JUN DE Think Smiski minifigurines that Gen Z has been crazy over, but way larger than that. Fantastic Planet by Amanda Parer of Australia is a series of three installations - What's That, Comfort, and Over - featuring three glowing humanoid figures in different poses observing its surroundings. The works use scale to highlight humanity's impact on Earth - how mankind demands more than its share. Sign Located at The Promontory at Marina Bay. TNP PHOTO: SEAH JUN DE Building on the concept of fires commanding attention and captivating us to gather around it, this grand display of 'flames' is made from bamboo poles covered with reflective aluminium tape. This optical illusion by Paul Vendel and Sandra de Wolf of The Netherlands gathers us to reflect on how endings can pave the way for new beginnings. Urban Oracle Located at the Pontoon near Red Dot Design Museum. TNP PHOTO: SEAH JUN DE Presented by Alibaba Cloud, 24 illuminated letters that can be triggered by buttons along the boardwalk are suspended along the pontoon's edge. When pressed, light pulses through the letters to display AI-generated messages inspired by Singapore's past, present and future. Playing on the idea of oracles and divination, Italy-based design studio Ultravioletto examines how today's society turns to algorithms for guidance. Embrace Located at Event Square, Marina Bay Sands. TNP PHOTO: SEAH JUN DE A circle of life-sized silhouettes by Australian-based light art studio Beamhacker come alive through human touch, displaying camouflaged patterns that represent the four services of the Singapore Armed Forces. Presented by Defence Collective Singapore, visitors can stand among the silhouettes and connect their hands with the figures. Upon conjoining all figures, a symphony of light and sound will be revealed. This is Not a Screen Located at South Beach Avenue, Level B1. TNP PHOTO: SEAH JUN DE Created by a group of Master of Architecture students from the National University of Singapore and presented by Aedas, this artwork uses polarised screens recycled from devices to alter light. As the screens are rotated, light is distorted to create unique perceptions of the monolith, similar to how invisible algorithms filter our worldview. i Light Singapore 2025 will be held from May 29 to June 21, 7.30pm to 11.00pm daily, and extended to midnight on Fridays and Saturdays. Admission to light installations is free, while charges apply for certain programmes. For more information, visit
Straits Times
23-05-2025
- Business
- Straits Times
Ultra-luxury condo sales in Singapore see uptick in Q1 2025 despite economic headwinds
SINGAPORE – The ultra-luxury condominium market in the Republic appears to be regaining some traction, with 17 sales recorded in the first three months of 2025. This is more than double the seven units sold in the same period in 2024, and more than both the 15 units sold in the first quarter of 2023 and the 14 sold in the same period in 2022, before the Additional Buyer's Stamp Duty (ABSD) on foreign buyers was hiked to 60 per cent in April 2023. Urban Redevelopment Authority data showed that from January to May 22, there were 24 ultra-luxury condos – defined as units priced at $10 million and above in the Core Central Region (CCR) – sold, already exceeding the 17 units transacted in the first half of 2024. Among the standout transactions in 2025 was a penthouse at Park Nova, which changed hands for $38.888 million or $6,593 per square foot (psf) – the second-highest psf achieved. The highest psf record still belongs to a 3,089 sq ft unit at The Marq on Paterson Hill, which was sold for $6,650 psf in November 2011. Four deals exceeding $20 million each were recorded at 21 Anderson, a new freehold development by Kheng Leong, the real estate arm of the Wee Cho Yaw family. These high-end deals come as the economic outlook remains subdued . Singapore's gross domestic product (GDP) growth forecast for 2025 remains at a modest 0 to 2 per cent, reflecting broader global uncertainties. OCBC Bank chief economist and head of treasury research and strategy Selena Ling noted that the ultra-rich may have different priorities when it comes to property investment. 'They will likely prioritise macroeconomic and political stability, currency and capital appreciation potential, as well as ability to transact smoothly (both purchase and sale), so short-term slower economic growth forecasts may not matter that much since the purchases are not funded by ongoing earned income but by stock of wealth,' said Ms Ling. Ms Ling also pointed to de-dollarisation as a market theme that is gaining traction. With investors looking into potentially moving away from US dollar assets, top-tier currencies like the Japanese yen, Swiss franc and Singapore dollar are becoming more attractive. 'At the end of the day, Singapore's attractiveness is the Singapore dollar appreciation, limited land resources, affordable funding conditions, and role as a financial hub,' said Ms Ling. Still, market watchers cautioned it is too early to call this a rebound in the ultra-luxury condo market, although the uptick in sales signals renewed interest in ultra-luxury homes. 'Recent data points to a pickup in ultra-luxury transactions, but it's more a function of selective demand for standout projects than a broad-based recovery,' said Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). Mr Sandrasegeran cited sales at Park Nova and 21 Anderson as examples of how well-located, prestigious projects continue to attract high-net-worth individuals and investors. ERA Singapore chief executive Marcus Chu made similar observations, noting that many buyers in this segment often seek out specific features: freehold tenure, large floor areas and multiple bedrooms. This demand is being further fuelled by scarcity. Only 78 new units were launched in the CCR in the first three months of 2025, said Mr Sandrasegeran. He added that upcoming projects such as W Residences – Marina View, Robertson Opus, and River Green could further invigorate interest in the second half of the year. Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, believes the ongoing global volatility may drive more capital into Singapore's luxury homes. Despite the recent 90-day tariff pause between the United States and China, investors remain wary of renewed volatility. 'It depends on how the macroeconomic conditions evolve over the next few months, especially after the 90-day truce period. If the macroeconomic landscape remains uncertain due to increased global trade challenges arising from the tariff policies enacted by the United States, then demand for luxury units may continue to rise,' said Ms Sun. 'This is because many investors consider these luxury properties to be safe haven assets that can help preserve their wealth during economic uncertainties. Therefore, more investors may park their money in luxury homes, especially if there is fresh turmoil in the equities market,' she added. The luxury segment is also seeing a shift in buyer demographics. Prior to the ABSD hike in 2023, foreign buyers dominated top-tier condo purchases. Now, local buyers – both citizens and permanent residents (PRs) – are playing a more prominent role in this segment. Of the 17 super luxury condos sold in the first three months of 2025, five units were purchased by Singapore citizens while eight were bought by PRs , noted Ms Sun. The numbers showed that there is a mix of local and foreigners supporting the ultra-luxury market, she said. Mr Chu of ERA said: 'We have seen a notable increase in the number of Singapore Permanent Residents purchasing luxury homes this year. It is likely that some of them are newly minted PRs entering the market and would take advantage of the lower ABSD payable.' Permanent residents pay 5 per cent ABSD on their first property, while citizens face 20 per cent ABSD only on their second property. Buyers from the US, Iceland, Liechtenstein, Norway and Switzerland do not need to pay ABSD for their first residential home in Singapore. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
19-05-2025
- Business
- Business Times
More CBD offices, fewer CBD homes, less decentralised office stock
[SINGAPORE] While many premier office buildings are clustered in Singapore's bustling Central Business District (CBD), there are established decentralised office nodes islandwide in areas such as Alexandra Road, Buona Vista, Jurong, Novena, Paya Lebar and Tampines. However, the growth of decentralised office locations suffered a blow when the Urban Redevelopment Authority (URA) did not award the master developer white site at Jurong Lake District (JLD). Developing the 6.5 hectare JLD site was envisaged to yield at least 1.5 million square feet (sq ft) of office space, up to 1,700 homes, and close to 800,000 sq ft of space for other uses such as retail and food and beverage; and help propel the development of Singapore's largest business district outside the CBD. A five-party consortium – comprising CapitaLand Development, City Developments Limited , Frasers Property , Mitsubishi Estate and Mitsui Fudosan (Asia) – submitted two concept proposals for the JLD site. However, in September 2024, URA said while one proposal was shortlisted, the tendered price – which worked out to about S$640 per square foot (psf) per plot ratio – was deemed to be too low. Certainly, other parties can try snagging the JLD white site with a suitable proposal and a higher bid price or the five-party consortium could submit a higher bid for the site. 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 However, as uncertainties over US trade tariffs weigh on business outlook and economic growth, chances that a group will try to secure the mega site with a stronger bid appear slim. Perhaps, the authorities should rethink whether the JLD site needs to have a large office component and if it should push hard on developing decentralised office locations. Sure, transport connectivity at JLD will be good. Still, some residents living in the east may be reluctant to spend possibly more than an hour commuting by public transport to work at JLD. Working in the CBD Indeed, the CBD's pre-eminence as Singapore's choice office location may impede the development of decentralised office locations. One, as the CBD is centrally located, residents living all over the island can easily access it. Thus, a business located in the CBD is well-positioned to draw talent from all across Singapore. Two, the CBD is an established business location. Maintaining a CBD office can provide an entity credibility with potential employees as well as business partners at home and abroad. Three, it offers businesses easy access to various businesses and professional services. Also, CBD-based knowledge workers find its location convenient for networking with industry peers. Four, the CBD is hardly sterile. It has Michelin-starred restaurants, popular hawker centres, cafes, bars, gyms, recreational amenities, retail outlets, as well as a range of hotels and cultural spaces. On weekends, when the office crowd disappears, the CBD can transform to host sporting and other events. Certainly, decentralised office locations may tempt businesses with lower rents versus the CBD. However, rental might not be an overriding consideration for many businesses when choosing an office location. After all, businesses may prefer being in the CBD to better draw talent and for prestige. Crucially, if companies and knowledge workers like working out of the CBD, the government should consider selling more CBD office sites. Could a CBD office site be on the confirmed list of the government land sales programme for the second half? Singapore's CBD office market recovered well post pandemic and is still seeing positive momentum. Amid flight to quality with space users, CBD Grade A spaces have outperformed. Following four consecutive quarters of flat rental growth, core CBD Grade A office rents here rose 0.8 per cent from the previous quarter in Q1, as gross effective rents in this most-coveted subsector reached an average of S$12.05 psf per month, consultancy CBRE indicated. It noted that top corporations and companies in private wealth asset management showed a strong preference for office spaces in prime locations with premium specifications. While CBRE's research team was cautious about global trade conflicts and tariffs, it projects core CBD Grade A office rental growth of 2 to 3 per cent this year mainly due to limited supply. Raising the supply of high-quality CBD office spaces can help meet the need for such spaces and boost Singapore's competitiveness in attracting businesses to set up shop or expand operations amid a tough business climate. Businesses looking to house high-value functions here might welcome greater choice of efficiently planned, modern and sustainable CBD work spaces, and more competitive rental rates for premier CBD office spaces due to greater supply of such spaces. Moreover, if CBD office stock increases, businesses seeking to operate from multiple locations for risk management purposes can find it easier to be at multiple locations within the CBD. Living outside the CBD Concurrently, the government may wish to pause ambitions to grow housing inventory in the CBD. Locals may be lukewarm to living in the CBD. And the popularity of long-stay serviced apartments in the CBD, with a three-month minimum stay requirement, is uncertain. Given Singapore is small and has excellent public transport, many people working in the CBD seem fine living outside of it in more established residential enclaves. Families with children might choose neighbourhoods that are close to sought-after schools. Childless households could prefer locales that offer a more residential rather than office vibe for lifestyle reasons. Over recent months, numerous homes at One Shenton and The Sail @ Marina Bay in the CBD, with initial 99-year land leases, were transacted at under S$2,000 psf. In contrast, the capital values of premier office buildings nearby, with initial 99-year land leases, can be much higher. Sure, the CBD is livelier on weekends if more people live in it. Nonetheless, Singapore can be great for 'live, work and play', with many people working in the CBD but living outside of it. Singapore can aspire to have a vibrant office-centric CBD, alongside highly liveable housing-centric suburbs. Growing the CBD serves evolving workspace needs, while going slow on office decentralisation and building homes in the CBD ensures land use is optimised according to the preference of space users.
