Last week, the property market was abuzz with excitement following the announcement that four Ang Mo Kio blocks were chosen for SERS; the first of such in over three years.
While we’re all still recovering from that, we were hit with yet another exciting piece of property-related news just yesterday.
HDB BTO flats at Greater Southern Waterfront
Existing Keppel Club site where the BTOs will be launched
Image credit: Desmond Lee
In a media statement on 12th April 2022, Minister for National Development, Desmond Lee, announced that over 6,000 HDB BTO flats are set to be built on the existing Keppel Club site, making this the first ever set of BTO projects in the Greater Southern Waterfront area. The entire area covers about 48 hectares, and the first site is expected to launch in about three years’ time.
While specific details such as the price and the exact timeline have yet to be announced, we do know that the new HDB blocks will feature skyrise gardens and landscaped terraces. We also know that there will be an additional 3,000 homes progressively launched over the next few years, although these would most likely be private housing options.
Image adapted from: Urban Redevelopment Authority
As part of URA’s plan to redevelop the area, the Greater Southern Waterfront – which stretches from Pasir Panjang to Marina East – will be transformed into a new and vibrant hub for urban living along the Southern coast of Singapore. Other than residential buildings, the transformation will also include development of green spaces forming the Labrador Nature Park Network, as well as a revamp of the existing Pasir Panjang Power District into possibly a new commercial and lifestyle district.
Existing & future amenities around the area
In terms of amenities, there are already plenty of highlights in the area. For shopping, the main highlight would be VivoCity, which is a huge mall with everything that you need – eating joints, retail outlets, cinema, and even a giant hypermart for groceries of every kind. If not, you can always venture out to the nearby Alexandra Retail Centre or the CBD/Tanjong Pagar district for more options.
Image credit: TheSmartLocal
When it comes to recreation, the main star attraction would undoubtedly be Sentosa. Whether it’s chilling by the beach, hiking along the hidden trails or even paying a visit to Universal Studios Singapore, Sentosa offers a myriad of recreational choices for every age group and every interest.
Image credit: TheSmartLocal
There are also many green spaces in the vicinity, if you’re more of a nature and outdoorsy person looking to take a break from the hustle and bustle of city life. For example, the Labrador Nature Reserve has several hiking trails, which brings you to interesting sights like an old lighthouse, an abandoned British military fortification and also a boardwalk which brings you right up to the water’s edge. If not, West Coast Park is also not too far away.
Image credit: TheSmartLocal
As previously announced by the Government, there will also be many more planned transformations of the area to make it even more vibrant and exciting for Singaporeans.
One of the key features of the new Greater Southern Waterfront district is that it’s set to be a car-lite estate. This means more parks, open spaces and walking trails to give residents ample space or outdoor exercise. It’ll also allow for easy connectivity to the existing MRT stations.
Image credit: Urban Redevelopment Authority
There will also be plenty of nature spots that residents can expect thanks to the redevelopment of the Labrador Nature Park Network:
- A new nature park along Alexandra Stream
- Extension of Pasir Panjang Park
- New nature park at Berlayer Creek
- New park at King’s Dock
What this means for the market
Given that we’re still in the nascent stages of the Greater Southern Waterfront transformation project, there is a dearth of specifics, especially regarding the new BTOs in the estate. But make no mistake: there will be extremely high demand for these BTOs, possibly eclipsing subscription from previous popular estates like Biddadari.
If past data is anything to go by, the previous BTO launch at neighbouring Telok Blangah saw almost 23x oversubscription, so you can expect the interest rate to match or even surpass it.
One of the key questions that many will have on their minds pertains to price. Because the site sits on prime land, is relatively close to the city, and offers waterfront living, the price of these BTO units will be high – possibly one of the highest ever recorded for a BTO unit. According to reports, a 3-room BTO is estimated to go for between $400,000-$520,000, and a 4-room to be between $600,000-$720,000.
It would also be a pretty viable long-term investment, as the units would definitely be able to appreciate fairly well in the long term, as seen by previous examples of flats in prime locations.
Image credit: HDB
Many will also expect these new BTOs to be classified under the Prime Location Public Housing scheme, which was announced by the Government just last year. In short, this model is meant to help control prices of public housing units from skyrocketing, in prime locations like the Greater Southern Waterfront as well as the Core Central Region and its fringes.
Greater Southern Waterfront BTOs
With this announcement on the first phase of transformation for the Greater Southern Waterfront, it’s indeed an exciting time for the property market. Along with other locales like Punggol, Tengah and the Greater Rustic Coast, the Government is set on redeveloping and rejuvenating these spaces to facilitate more residential and commercial uses.
The Greater Southern Waterfront is set to be the next big thing, with waterfront living and also a vibrant and exuberant lifestyle district at a stone’s throw away. These new BTO offerings in the Keppel area will undoubtedly be the hottest thing in the market, and we can’t wait to find out more information about them in time to come.