Property experts believe that public housing units at the Greater Southern Waterfront (GSW) project would come with premium prices, given its attractive location.
Prime Minister Lee Hsien Loong has announced during his National Day Rally speech that 9,000 public and private housing units would be built at the Keppel Club site, which forms part of the 2,000ha GSW.
And while private property prices would depend on how much property developers bid for the sites, Chris Koh, director of property consultancy Chris International, told Today Online that a good price gauge for public housing units at GSW would be those at Pinnacle@Duxton.
The 50-storey residential development broke records in 2015 when five units – which were not landed units, executive or maisonette – were sold for $1 million or more.
Suntec Real Estate Consultants director of research consultancy Colin Tan noted that homebuyers who managed to secure a unit at the GSW would be “striking a lottery”.
This comes as a four-room flat within the mega waterfront development is expected to be more expensive than those in non-mature estate like Sengkang by at least $200,000.
“This figure is what we can project now, it will definitely change in five or 10 years when there are more developments in the area,” said Tan.
Cushman and Wakefield Singapore research head Christine Li said the presence of a business cluster, where multinational companies such as Google, Cisco and Unilever are already situated, will also contribute to the price point.
“There will be minimal impact on the existing housing projects in the vicinity when construction starts, due to blocked views and construction noise and dust,” she explained. “However, over the long term, housing prices are expected to appreciate due to the injection of more commercial and entertainment activities in the area.”
In fact, nearby islands Pulau Brani and Sentosa are expected to house “the next generation of entertainment and recreational facilities” for the region.
Plans to expand attractions at Sentosa are already underway, said Li.
“Pulau Brani, which is now home to a port terminal, is also expected to house a new resort called Downtown South. The resort is expected to be accessible to the mass market, bringing more local traffic to the south, which could help change the perception of Sentosa being too inaccessible and expensive to the local mass market,” she added.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org