Greater Southern Waterfront is the new “buzz” word, as it was mentioned and highlighted by PM Lee during his National Day Rally this year. Where exactly is the GSW and what impact will it have on the real estate prices within the vicinity in years to come?
What is the Greater Southern Waterfront
GSW is sitting on a linear stretch of land which is 6 times the size of Marina Bay with a coastline of 30km (this is twice the length of East Coast Park). It stretches all the way from Pasir Panjang and West Coast Park in the west to Gardens by the Bay in the east. It also extends south to include Sentosa and Pulau Brani.
What is happening at Greater Southern Waterfront in the near future?
The lease on the Keppel Club and its 18 hole golf course will expire on 31st December 2021 and the land will be freed up for up to 9,000 residential units including new HDB flats. Landing a public housing unit at the prime GSW is akin to striking the lottery and the Government is looking into a new pricing model to mitigate this “lottery effect”.
The 15ha Pasir Panjang Power District which currently houses two power stations is set to undergo a massive revamp as the Government invites the public to submit ideas to transform the heritage-rich power district into a waterfront destination along the GSW. Will it become the next iconic nightspot like the St James Power Station?
Sentosa-Brani Master Plan
The tallest Merlion Statue in Singapore, Sentosa Merlion is set to be demolished as part of the Sentosa-Brani Master Plan. In its place will be the Sentosa Sensory scape which will link Resorts World Sentosa in the north to Sentosa’s beaches in the south through a “multi-sensory experience” that will also replace the existing pedestrian thoroughfare. As for Pulau Brani, the island is earmarked to house new attractions similar to the Universal Studios on Sentosa Island, as well as a new resort called Downtown South for National Trades Union Congress (NTUC) members. Phase 1 of the plan will be completed by 2022.
Rail Corridor and more Green Spaces
Labrador Nature Reserve will be linked up with West Coast Park via the new Pasir Panjang Linear Park, which is a long stretch running along the soon-to-be-vacated Pasir Panjang wharves. This coastal trail could potentially be a second East Coast Park. The Rail Corridor, linking Tanjong Pagar (south) to Woodlands (north) is also in the works and will be ready by 2021. Part of the Rail Corridor will run through GSW, connecting it to the offices, retail areas, business parks and industrial estates in the northern part of Singapore.
Impact to the Real Estate Prices
Taking reference from the Marina Bay and Jurong Lake District transformation, real estate projects in these areas have increased significantly as a result. To find out more about the opportunities along the GSW and what is in store in the URA Draft Master Plan 2019, please feel free to connect with me over coffee!