Greater Southern Waterfront
The Government has announced its plans to rejuvenate the Greater Southern Waterfront area. This announcement offers major opportunities for developers (according to DBS Research Group).
It is noted that Mapletree Commercial Trust (MCT) stands to gain. MCT is the owner of VivoCity, which is likely to be the “bedrock of the rejuvenation”.
Aside from that, other potential beneficiaries include Frasers Commercial Trust – which owns the nearby Alexandra Technopark – Keppel Corporation and Genting Singapore, said analysts Derek Tan and Ho Pei Hwa.
These plans to redevelop the greater southern waterfront area were unveiled by the Government in March 2019. This is part of the longer-term plan to revamp the area over the next 5 to 10 years.
Prime Minister Lee Hsien Loong elaborated on the plan in his National Day Rally speech in 2019.
This ambitious rejuvenation will be set in motion with the relocation of the PSA city terminal in Tanjong Pagar to Tuas from 2027 onwards.
The waterfront area stretches from Gardens by the Bay East to Pasir Panjang. This covers around 30km of the southern coastline with about 2,000ha of land for potential redevelopment. Translating to almost 6x that of Marina Bay.
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Future Transformation
“This offers significant opportunities for developers… starting with up to potentially 9,000 new resi-dential development homes (public and private). The site, currently occupied by Keppel Club, on which there is a remaining two-year land lease,” the report highlighted.
“VivoCity, the closest large retail mall, will be the bedrock of the rejuvenation, in our view.
“We believe there will be greater benefits to the mall over time. This comes with the expected increase in apartments, working population and new tourism elements added.”
The relocation of Pulau Brani’s terminal has allowed work to start. This turns the site into an island of recreation to complement the offerings on Sentosa, which itself is undergoing rejuvenation.
“Plans for a Downtown South resort mirroring NTUC’s Downtown East resort will, over time, bring more holiday-goers and families to the vicinity. The idea is to drive visits south of Singapore, mainly Sentosa and Vivo City.” Analyst said.
As this development will take time to take shape, the Government will look to add more office space within the Greater Southern Waterfront.This addition will supplement the growth of the population and bring more people to work.
“This will inevitably be positive for MCT, which has office properties in the Alexandra Precinct (Mapletree Business City I, PSA Building) and HarbourFront (Bank of America Merrill Lynch HarbourFront building). Over time, this will benefit from a wider pool of office tenants looking to relocate there.”
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Source: https://www.straitstimes.com