Will deaths affect property market around Bedok Reservoir?
By Khalil Adis
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The series of grisly deaths over at Bedok Reservoir have not only grabbed national headlines but also sparked genuine concern and speculation among Singaporeans on whether the recent body count could be due in part to our rate of immigration and the ill-effects of the two casinos.
In June, the lower-half of a 23-year-old male Chinese national was found floating in the reservoir. His upper body is still missing.
In September, the bodies of a woman and her three-year-old son were found wearing red t-shirts with painted red nails and tied to one another with a red string. According to Chinese beliefs, red symbolises ghostly revenge.
In October, Singapore Civil Defence Force (SCDF) officers retrieved a body belonging to an Indian construction worker. According to local reports, an eyewitness saw the man walking into the water before disappearing.
Most recently, joggers averted what could have been another potential drowning incident when they pulled out a heavily intoxicated man from the reservoir.
In all, the reservoir has claimed the lives of four people.
A new waterfront destination or cursed site?
Bedok Reservoir is currently being marketed as a waterfront destination by property developers.
Projects in the area include Waterfront Waves, Waterfront Gold, Waterfront Isle and Waterfront Key, all jointly developed by Far East Organization and Frasers Centrepoint.
The projects were launched in phases a few years ago. In the beginning of 2011, both developers launched the final phase of the projects. They are now about 90 per cent sold.
Impact on future launches and prices
The recent deaths at Bedok Reservoir have also sparked discussions on its impact on future launches for other projects.
According to some experts, it may have a negative impact in the short-term but not long-term.
"Death has a certain stigma attached to it. However, Singaporeans are a pragmatic lot. They may keep away in the short-term but in the long-term economic fundamentals will rule. All the developers have to do is to throw in some carrots like additional discounts and people will come back," said Getty Goh, founder of Ascendant Assets Pte Ltd.
"A good example is how residential developments have sprung up in places that used to be cemeteries. For example, in the past people had stigma about staying in Bishan. However, Bishan is now a sought after location and the younger generation are less particular about the history of the place," Goh added.
As for its impact on prices, he said we need to take things into context.
"I really have no idea on how suicide cases will affect property prices as there are no studies done on this aspect before. However, if we take things in context, accidents and deaths do occur from time to time. A case in point would be some of the deaths that have occurred along the Singapore River but it has not affected prices," said Goh.
Call for more police patrols
Still, residents who are staying in the area say they would avoid hanging around the reservoir altogether.
"It has deterred me from going to the park because of the series of deaths. You do not know what or who is lurking there," said Roi Miller, an administrative officer.
Miller also said regular police patrols should be conducted to prevent more deaths.
"Maybe the authorities should put more police patrols around the area and look out for suspicious persons hanging around," said Miller.
In June, the lower-half of a 23-year-old male Chinese national was found floating in the reservoir. His upper body is still missing.
In September, the bodies of a woman and her three-year-old son were found wearing red t-shirts with painted red nails and tied to one another with a red string. According to Chinese beliefs, red symbolises ghostly revenge.
In October, Singapore Civil Defence Force (SCDF) officers retrieved a body belonging to an Indian construction worker. According to local reports, an eyewitness saw the man walking into the water before disappearing.
Most recently, joggers averted what could have been another potential drowning incident when they pulled out a heavily intoxicated man from the reservoir.
In all, the reservoir has claimed the lives of four people.
A new waterfront destination or cursed site?
Bedok Reservoir is currently being marketed as a waterfront destination by property developers.
Projects in the area include Waterfront Waves, Waterfront Gold, Waterfront Isle and Waterfront Key, all jointly developed by Far East Organization and Frasers Centrepoint.
The projects were launched in phases a few years ago. In the beginning of 2011, both developers launched the final phase of the projects. They are now about 90 per cent sold.
Impact on future launches and prices
The recent deaths at Bedok Reservoir have also sparked discussions on its impact on future launches for other projects.
According to some experts, it may have a negative impact in the short-term but not long-term.
"Death has a certain stigma attached to it. However, Singaporeans are a pragmatic lot. They may keep away in the short-term but in the long-term economic fundamentals will rule. All the developers have to do is to throw in some carrots like additional discounts and people will come back," said Getty Goh, founder of Ascendant Assets Pte Ltd.
"A good example is how residential developments have sprung up in places that used to be cemeteries. For example, in the past people had stigma about staying in Bishan. However, Bishan is now a sought after location and the younger generation are less particular about the history of the place," Goh added.
As for its impact on prices, he said we need to take things into context.
"I really have no idea on how suicide cases will affect property prices as there are no studies done on this aspect before. However, if we take things in context, accidents and deaths do occur from time to time. A case in point would be some of the deaths that have occurred along the Singapore River but it has not affected prices," said Goh.
Call for more police patrols
Still, residents who are staying in the area say they would avoid hanging around the reservoir altogether.
"It has deterred me from going to the park because of the series of deaths. You do not know what or who is lurking there," said Roi Miller, an administrative officer.
Miller also said regular police patrols should be conducted to prevent more deaths.
"Maybe the authorities should put more police patrols around the area and look out for suspicious persons hanging around," said Miller.