Sufficient land supply in next 10 years: analysts

Jo-ann Huang Channel NewsAsia 14 Apr 11;

SINGAPORE: Analysts said property developers will soon have ample supply of prime land going forward, after the Urban Redevelopment Authority said it can build over 10,000 residential units near MRT stations, in the next 10 years and beyond.

The URA announced this in its Concept Plan 2011 - an urban planning exercise done every 10 years.

With their close proximity to public transport, analysts said that these land parcels will be in hot demand and will generate high bids.

Potential home owners can expect high-rise living in established neighbourhoods in the years ahead.

The URA said housing of more than 30 storeys will be built near public transport, like MRT stations, in matured estates.

Analysts said these sites should be well sought by developers.

"Some of these land parcels that are located near the mrt station could possibly achieve record prices when they are offered for sale by government land sale tenders. I believe the government would pace out the sale of these land parcels, so that home buyers would have a wider choice over a longer period of time," said Mr Nicholas Mak, executive director of research at SLP International.

Analysts said future land prices near MRT stations depend on economic activity and demand.

But with a projected 6.5 million population and a robust economy in the decades ahead, they added that land prices may remain firm.

In February, a 129,137 square feet land site near Bishan MRT station attracted a top bid of S$550.1 million, or S$869 per square foot and a record 19 bids despite the introduction of more cooling measures in January.

The URA said it plans to move commercial activity out of the city centre in order to ease traffic flows.

Analysts said more land in the central region could be freed up for more homes.

"If there is some commercial property that is able to enbloc and move and change of use to residential, I think that comes as great news to developers," said Mr Jeffrey Hong, CEO of GPS Alliance.

Some of URA's future urban planning will involve the needs of an ageing population.
http://www.blogger.com/img/blank.gif
Analysts suggested that expiring leases in older properties be topped up, to accommodate their senior residents.

- CNA/cc

More homes to be built near MRT stations
Lynda Hong Ee Lyn Today Online 15 Apr 11;

SINGAPORE - In the next decade and beyond, more homes could be built in the vacant land near MRT stations such as Commonwealth, Queenstown and Bishan, which is big enough to accommodate more than 10,000 units.

This is to meet the demand for homes in these popular areas, said National Development Minister Mah Bow Tan, who unveiled the Urban Redevelopment Authority's Concept Plan 2011 yesterday.

The homes will be progressively built in tandem with population growth. "But this doesn't mean we are only going to build 10,000 homes. There would be many areas where we would be releasing land for homes. The roll-out, how much land we set aside for the residential units would depend on the take up rate," said Mr Mah.

While the concept plan - which charts Singapore's land use and infrastructure development in the next 40 to 50 years - has factored in a population size of 6.5 million, Mr Mah said the actual size of the population in 50 years will be determined by factors such as Singapore's economic conditions.

Beyond the mid-term, areas like Tengah will also be developed into new towns. Meanwhile, Choa Chu Kang will be further developed as early as next year and the same will be done for other existing towns like Punggol, Sengkang and Yishun, so that more homes can be built. Communal facilities like parks and places of worship will also be developed.

And to help reduce commuting times, the job-worker distribution across the island will be re-balanced.

This means injecting more housing in the central and west region, where there are proportionately more jobs than homes, while the north, which has the opposite, will see more commercial and industrial activities.

Over 10,000 new high-rise flats near MRT stations
Esther Teo Straits Times 15 Apr 11;

MORE than 10,000 new high-rise homes will spring up near MRT stations in the mature towns of Bishan, Queenstown and Commonwealth in the next 10 to 15 years, National Development Minister Mah Bow Tan said yesterday.

This will include both public and private housing towers of more than 30 storeys, so as to intensify land use to meet the rising demand for homes, he said.

The Government will concentrate higher density housing near transport hubs to give more people direct access to public transport, Mr Mah added. The challenge, however, will be to ensure that these homes remain liveable.

'Where the infrastructure is already built, it gives us more scope for intensification and providing more homes. It will be rolled out over time in conjunction with the take-up rate.'

Mr Mah was speaking at the Urban Redevelopment Authority (URA) Corporate Seminar at Grand Copthorne Waterfront Hotel yesterday.

Already, developer CapitaLand has announced plans for a condo of at least 36 storeys on a land parcel near Bishan MRT station that it was awarded in February.

Mr Mah also spelt out the broad themes for the Concept Plan 2011 - reviewed once every 10 years and to be unveiled in the fourth quarter of this year.

The plan maps out the direction for land use and transportation plans over the next 40 to 50 years.

One key principle will be to provide adequate housing as the population grows, in areas such as Choa Chu Kang, Punggol, Sengkang and Yishun.

Choa Chu Kang, for example, has already been earmarked for development and expansion, which will begin as early as next year, Mr Mah said.

The new Institute of Technical Education (ITE) College West is already in operation and facilities like neighbourhood parks and places of worship will be developed to support the new population.

Looking beyond the medium term, new towns and housing areas such as Tengah in the north-west region near Choa Chu Kang will also be opened up.

'This will not happen immediately, but we need to plan well ahead of time, and build infrastructure in advance so that the new towns can be developed when needed,' he added.

Bringing jobs closer to home will also be another key thrust - a strategy which also serves to reduce the peak hour stress on traffic infrastructure here.

The concept plan will look towards more equal job-to-worker distribution across the island. This means injecting more housing in the central and western regions, where there are proportionally more jobs than homes now.

More commercial and industrial activities, however, will be placed in the north and north-east, where there are more homes than jobs. This will help take some stress off transport networks and reduce commuting times, Mr Mah added.

Other key points in the plan include expanding leisure options and greenery through innovative architecture and the extension of park connectors, as well as reviewing town planning strategies to allow the elderly to grow old at home.

Mr Mah encouraged further cross-sector collaboration such as in conserving the built environment. He invited the public to put forward more innovative ideas to make better use of old spaces.

Yesterday, URA chairman Alan Chan also touched on URA's milestone year in 2010, highlighting the completion of various projects in the central and suburban areas such as Marina Bay Sands, Punggol Promenade and the iconic helix bridge.

'In our effort to conserve our built heritage and strengthen our sense of identity, we have worked closely with the local community to identify a number of significant buildings for conservation. These include a collection of bungalows at Rochester Park and Nepal Park,' he said.

The URA also received the Urban Land Institute (ULI) Global Awards for Excellence for its work in transforming the Southern Ridges into a leisure spot.

This is the second time URA has won a ULI award, and is the only organisation in the world to have done so twice.

Mr Colin Tan, research and consultancy director at real estate firm Chesterton Suntec International, said he was looking forward to finding out exactly where and how commercial activities will be placed in the north and north-east.

'If jobs for the people can be provided where they live, it would definitely help to alleviate the north-south movement with the Central Expressway already barely coping now,' he added.

Punggol resident Jeremy Tan, 28, a sales representative who takes more than an hour to get to work, said: 'It'll be nice to work closer to home, of course, but it all depends on whether my company decides to move here or not.'

Government to grow suburb towns, add homes in Central, West
Uma Shankari Business Times 15 Apr 11;

(SINGAPORE) The government will boost Singapore's housing stock in tandem with the growth in population and expand towns such as Punggol, Sengkang, Yishun and Choa Chu Kang over the next 40 to 50 years, National Development Minister Mah Bow Tan said yesterday.

He also revealed that more homes will be built in the Central and West regions in a bid to take some stress off transport networks and reduce commuting times.

'Our current towns will be redeveloped and expanded to provide affordable and good quality housing in popular areas like Punggol, Sengkang, Yishun and Choa Chu Kang,' Mr Mah said. 'Beyond the medium term, we will also open up new towns in areas such as Tengah.'

Mr Mah, who was speaking at a seminar organised by the Urban Redevelopment Authority (URA), was giving industry players a peek at the Concept Plan 2011. The Concept Plan will be officially unveiled in the fourth quarter of this year. It will chart plans for land use and infrastructure development in Singapore over the next 40 to 50 years.

In addition to boosting housing supply, the government also plans to bring jobs closer to homes by having more equal job-to-worker distribution across the island.

More housing will be injected into the Central and the West regions of Singapore, where currently there are proportionately more jobs than homes. At the same time, the government will also put more commercial and industrial activities in the North and North-East, where there are currently more homes than jobs.

'Re-balancing the job-worker distribution will not resolve all our traffic issues, but it will take some stress off our transport networks and reduce commuting times,' Mr Mah said.

There are also plans to concentrate higher density housing around transport nodes, so that more people will benefit from direct access to public transportation.

Giving one example, Mr Mah said that his ministry could add more than 10,000 HDB flats and private homes in vacant land around three MRT stations - Bishan, Commonwealth and Queenstown - in the next decade and beyond. These homes will be high-rise developments of more than 30 storeys.

'Higher density housing can bring greater economies of scale, and support the development of more amenities in close proximity to homes,' Mr Mah said. 'As we build up our towns, we will expand our transport infrastructure, especially our rail network.'

Analysts said that the government is likely to increase the plot ratios for residential land in Singapore's Central regions and near MRT stations.

'In towns such as Punggol, Sengkang and in the West, there is still quite a bit of land left for development,' said Knight Frank chairman Tan Tiong Cheng. 'But around MRT stations and in the Central regions, residential plot ratios are likely to go up.'

A developer BT spoke to also said that residential plot ratios look set to be increased in the coming years. He added that he hopes the government will boost plot ratios for both private and public land.

In his speech yesterday, Mr Mah added that leisure options and greenery will be expanded.

The government will also take into account Singapore's ageing population in planning for various facilities such as healthcare, housing and social facilities at the national level. It will also review town planning strategies to facilitate ageing in place, he said.