DISTRICT 3 MASTERPLAN
District 3 Planning Area
District 3 in Singapore covers an area which includes Queenstown, Redhill, Tiong Bahru. The East West MRT green line runs through District 3 with 3 stops, Queenstown MRT, Redhill MRT and Tiong Bahru MRT station. Located right on the city fringe, District 3 condos are known for their solid price resilience and strong rental demand. Residents typically find District 3 highly accessible to their workplaces in Central Business District, One-North, Science Park I & II, Alexandra, Mapletree Business City and Harbourfront.
Several new condos have been launched through the government’s land sales program to meet the demand for private residential homes in the past few years. Furthermore, the responses from developers have been keen and several competitive bids are always put up when new land plots are released by the government.
Homes in District 3 are highly popular given their proximity to the city. District 3 will see more diverse housing options for Singaporeans and opportunities for young couples to live close to their families.
District 3 offers a wide range of recreational facilities and landscapes for residents of all ages to delight in their favourite outdoor activities. In addition to major parks such as Alexandra Park Connector, Kent Ridge Park and HortPark, residents have easy access to green spaces within the housing estates. Green spaces are being planned for most households to be no more than a 10-minute walk away from a park.
An expanded park connector network, including links to the future Round Island Route, will make it easier for residents to walk or cycle to other parks and attractions.
One-north is envisioned as a cluster of world-class research and development facilities and cutting edge business offices to attract global MNCs and promising startups for the future with a focus on Biomedical Sciences, Infocomm Technology, Media, Physical Sciences and Engineering.
Developments include Metropolis, Biopolis, Fusionopolis, Mediapolis, JTC LaunchPad. Launched in 2001, One-north is now home to more than 400 companies with about 46,000 high tech knowledge workforce. JTC has stated that it is still barely half-way into one-north’s 40 years masterplan development. Therefore, we can expect one-north to continue to attract more global companies and create value for District 3 in the next 25 years.
Currently in One-North:
|– ESSEC||– A*STAR|
|– INSEAD||– MDA|
|– THALES R&D||– Spring Singapore|
|– GSK Global Headquarters||– Jardine Shipping|
|– Abbott||– Shell|
|– Novartis||– Heineken Asia Pacific|
|– Proctor & Gamble||– Boston Scientific|
|– Lucasfilm’s Sandcrawler||– SGX|
|– AFC Network||-Procter & Gamble|
Mapletree Business City
Mapletree Business City is a bold and exciting integrated Grade-A business hub within Singapore’s Alexandra Precinct. Mapletree Business City sets a new benchmark for business space. Incorporating a “city” concept, MBC features contemporary business space and is served by an array of amenities and facilities to meet the needs of modern businesses.
Currently in Mapletree Business City:
|– Google Asia Pacific||– Unilever Asia|
|– Microsoft||– Novartis|
|– American Express||– Hitachi|
|– HSBC||– Samsung|
|– Visa||– Hewlett-Packett|
When combined, the total office and business park space in the Queenstown Planning Area is larger than the office space in Raffles Place and Tanjong Pagar added together.
Development in Greater Southern Waterfront
Greater Southern Waterfront represents an opportunity to create a new waterfront city that is seamlessly integrated with our downtown and surrounding housing and businesses near the city. Greater Southern Waterfront could be built up for new housing, commercial, cultural and entertainment uses, cementing Singapore’s growing reputation as a world-class city for its people to live, work and play.
With about 1,000 hectares of land – that is 3 times the size of Marina Bay – up for development in the Greater Southern Waterfront after 2030, the landscape we can paint is limited only by our imagination.
Top offer of $238.39m for the 22,195 sq m residential plot exceeds market forecasts; indicates strong demand
A residential site in Margaret Drive drew bullish bids from 14 developers eager to replenish their land supply in the last Government Land Sales (GLS) tender for the year. The offers for the 22,195 sq m site easily exceeded market expectations, with the super-aggressive one from MCL Land (Regency) catching analysts’ eyes.
It lodged $238.39 million, or $997.85 per sq ft per plot ratio (psf ppr) – 7.9 per cent higher than the second-highest bid from Allgreen Properties at $220.9 million.
Mr Nicholas Mak, head of research and consultancy at SLP International Property Consultants, noted that the gap between the top and second bids was the widest among residential GLS tenders this year. He dubbed the MCL offer “quite bullish”, given that it is 14.5 per cent higher than the price of the land parcel where the nearby Queens Peak is being built. “Such higher land prices and strong participation among developers indicate that many developers are hungry for land,” he said.
The 99-year leasehold site, which had been on the Urban Redevelopment Authority reserve list, was triggered for sale after a developer committed to bid at least $185.758 million. It is located between two MRT stations, Commonwealth and Queenstown.
The price of the Margaret Drive site exceeds those of nearby sites such as Commonwealth Towers, which cost $883 psf ppr, and Queens Peak, which cost $871 psf ppr.
Mr Ong Teck Hui, national director of research and consultancy at JLL, said that the “absolute price” was “much more affordable” compared with the $562.8 million paid for Commonwealth Towers and $483.2 million for Queens Peak.
He added that the confident bidding also suggested that bidders are optimistic about the market outlook, “with a possible upside in prices by the time the project is launched for sale”.