iwant2buyproperty
15-11-13, 09:38
A large new precinct near the Central Business District to be freed up by a new undersea road offers many exciting possibilities, say property consultants.
They say the upcoming Marina Downtown could complement the existing CBD in the same way the financial hub of Canary Wharf complements the city of London.
The 70ha area, to be developed once a section of the East Coast Parkway (ECP) is removed, is likely to feature a mix of homes, offices, retail and recreational facilities, said property and planning consultants.
This will allow for a new CBD, with the Marina Bay area as a seamless extension of the existing financial district.
On Wednesday, the Government unveiled details for the undersea Marina Coastal Expressway linking the Kallang-Paya Lebar Expressway (KPE), Ayer Rajah Expressway (AYE) and the ECP. As part of the development, a 1km section of the ECP from Marina Boulevard to Prince Edward Road will be removed.
In the Urban Redevelopment Authority's Masterplan 2008, land in the area known as the "Downtown Core" is zoned as white sites - intended for commercial, hotel, residential, sports, recreational and other such uses.
Planning rules allow high-intensity development on these white sites, which means more skyscrapers are likely to dot the area, consultants said.
But consultants say that the new Marina Downtown is likely to be dominated by office space.
Consultants also suggested that the large area of the new downtown means its development is likely to be done in phases.
They said the high plot ratios of the white sites spell a potential flood of office or residential spaces, and the Government would be cautious in releasing these plots.
More office space is set to come on the market after the sale of a commercial site at Telok Ayer Street, and when the Capitagreen building in Cross Street is completed.
Source: The Straits Times –15 November 2013
They say the upcoming Marina Downtown could complement the existing CBD in the same way the financial hub of Canary Wharf complements the city of London.
The 70ha area, to be developed once a section of the East Coast Parkway (ECP) is removed, is likely to feature a mix of homes, offices, retail and recreational facilities, said property and planning consultants.
This will allow for a new CBD, with the Marina Bay area as a seamless extension of the existing financial district.
On Wednesday, the Government unveiled details for the undersea Marina Coastal Expressway linking the Kallang-Paya Lebar Expressway (KPE), Ayer Rajah Expressway (AYE) and the ECP. As part of the development, a 1km section of the ECP from Marina Boulevard to Prince Edward Road will be removed.
In the Urban Redevelopment Authority's Masterplan 2008, land in the area known as the "Downtown Core" is zoned as white sites - intended for commercial, hotel, residential, sports, recreational and other such uses.
Planning rules allow high-intensity development on these white sites, which means more skyscrapers are likely to dot the area, consultants said.
But consultants say that the new Marina Downtown is likely to be dominated by office space.
Consultants also suggested that the large area of the new downtown means its development is likely to be done in phases.
They said the high plot ratios of the white sites spell a potential flood of office or residential spaces, and the Government would be cautious in releasing these plots.
More office space is set to come on the market after the sale of a commercial site at Telok Ayer Street, and when the Capitagreen building in Cross Street is completed.
Source: The Straits Times –15 November 2013