The Greater Southern Waterfront, part of URA’s Draft Masterplan 2013, looks set to change the shape, and size, of Singapore’s Central Business District. In the plans are for a extended waterfront starting from Harbour Front to Marina Bay. And all this is after the Pasir Panjang and City Terminals are shifted to Tuas, making space for 1,000 hectares of development both residential and commercial.
This move would mean Tanjong Pagar will be twice the size of Marina Bay. And that could mean business, literally, for property investors. By 2015, 4,500 new homes will be ready, and 18, 000 more will join its ranks starting 2027. Though the road to be travelled is still long and arduous, it can never be too early to plan.
Already the potential of the area is drawing in buyers for the increasing number of residential properties in the area. Skysuites@Anson, officially launched last week, despite 200 of its 360 units already sold since its marketing began a year ago. One bedroom apartments are selling at $2, 650 psf and two-bedrooms units start from $2, 200 psf, and three-bedders from $2, 500 psf.
The 181-unit Clermont Residences is making a tall point in the district, with the launch of this 290m apartment block 2 weeks ago. When built in 2016, it might possibly be the tallest residential project, and boasting a $30 million super penthouse, it will certainly be well-poised to see far into the future. Onze @ Tanjong Pagar is the other option should you be looking at a smaller, cosier establishment. With only 56 units in total, 15 have already been sold at a median of $2, 515 psf.
With developments mostly still in the planning stage, investing in Tanjong Pagar properties will likely be a long-term affair. But with the potential so great, the stronger competition in the future might be what turns the wheels of luck.