At the rate developers are picking up land sites this year, what can the market expect in the next 10 to 20?
Aside from residential sites which are much-loved by developers, 2 mixed-use sites have also come up for collective sale. Certainly a rarity. Especially as both are freehold properties.
The first is Jalan Besar Plaza in Kitchener road. The property consists of 44 residential apartments and 111 commercial units. The total floor area comes up to 179, 697 sq ft. The guide price currently stands at $390 million which works out to be $2,170 psf per plot ratio. There are plans to market the site as potential real estate for serviced apartments.
The second mixed-use property has the leverage of location. The Tai Wah Building sits in the midst of the Orchard road shopping belt. Located on Killiney road, the 4-storey building has tremendous potential for redevelopment into serviced apartments, boutique residences or even a mixed-use development. The property is asking for $81 million. This is a huge leap from the $10 million it was sold for by Isetan (Singapore) just a year ago.
Singapore’s property landscape to change in the next decade?
While Singapore is often defined by her lack of land and space, recent activity in the real estate market shows otherwise. There still remain pockets of undeveloped or underdeveloped sites which can be redeveloped. Naturally, in Singapore’s context, it would mean building up. How will this affect Singapore’s property landscape in the next couple of decades? How can a balance be struck between keeping the country’s history and heritage intact while making way for more living and working spaces?