60 hectares set aside for 11,000 units in latest makeover move
(SINGAPORE) A landmark residential district - with lush gardens by its side, a spectacular view of the sea and the Sands Integrated Resort a mere stone's throw away - will rise over the next few years to add further gloss to the Marina Bay area.
Some 60 hectares of land, on which 11,000 homes will be built, has been set aside for the project. The Marina South Residential District (MSRD) will also have 1.6 million sq ft set aside for hotel use, another 678,000 sq ft of commercial space and even a primary and a secondary school. There will also be community facilities for all to enjoy, the government announced yesterday.
The entire project will be developed over a 15 to 20-year period once the supporting infrastructure has been put in place, said the Urban Redevelopment Authority (URA).
URA also said given the size of the area, it is likely that the land parcels will be released in phases.
The government agency is master planning the project as the next stage of development for the Marina Bay area.
Marina Bay, which is touted as the centrepiece of Singapore's urban transformation into a vibrant, global city, is already home to several upcoming prime projects - including the Marina Bay Sands Integrated Resort and the 100-ha Gardens By the Bay.
This residential site is located between the upcoming Garden at Marina South and the Straits of Singapore. URA hopes that MSRD will offer its residents the best of both worlds - a rare opportunity to experience waterfront living together with the lush greenery provided by the garden.
'Obviously, it is a choice location - right between the garden and the sea,' said Knight Frank managing director Tan Tiong Cheng. 'The view will be even better than that from the Marina Bay integrated resort.'
Said Colliers International's director for research and consultancy Tay Huey Ying: 'The area will provide a very wholesome residential environment.'
The bid to develop MSRD is in line with the government's 2001 Concept Plan - a long term plan that guides Singapore's development over the next 40 to 50 years - which called for more city living options for Singaporeans.
Then, URA said that those who like the downtown buzz can look forward to having 90,000 more units to choose from, mostly in the New Downtown at Marina South.
Experts expect that homes in MSRD will be popular, especially with foreigners.
'It is possible that the primary and secondary schools could be foreign schools,' said Colin Tan, Chesterton International's head of research and consultancy.
However, market watchers mostly said that even when boosted by this latest news, home prices in the Marina Bay area are not likely to reach those fetched by luxury projects in the Orchard Road vicinity anytime soon.
'I don't think the development will overtake Orchard Road in terms of prices and appeal to foreigners,' said Ms Tay. Facilities catering to foreign residents, such as foreign schools and embassies, are now located in the Orchard Road vicinity, she said.
Knight Frank's Mr Tan agreed: 'At the end of the day, Marina South is a new district; it is not tested.'
In addition, concerns exist about the infrastructure in the area. For one, the road network in the Marina Bay area will have to be improved, analysts said.
Right now, URA is looking to garner new and innovative ideas to distinguish MSRD.
Together with the Singapore Institute of Architects, it is organising a competition, which will close on November 12, for design ideas for the district. A sum of $50,000 has been set aside to be awarded for up to 10 best ideas.
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