The Singapore Government initially announced the rejuvenation plan of Greater Southern Waterfront (GSW) back in March 2019. In the latest National Day Rally, It caught in the headline again when Prime Minister Lee Hsien Loong announced further details to it.
Among them, Pulau Brani Terminal will make way for new attractions to be added to Pulau Brani, including theme park similar to existing Universal Studios at Sentosa. Besides, there will also be resorts as part of the redevelopment plan.
Live, Work and Play
The upcoming plan of GSW will cover 30km of southern coastline of the Republic. On top of recreations, it will also be home to 9000 public housing and private residential in the 2000 hectares land. Notably, first commercial development of GSW will be added to the existing Keppel Club, when its lease expire in 2 years time.
The rejuvenation plan is aligned to offer a live, work and play environment at GSW. Further development of office space will complement the existing facilities where established corporations including Google, Unilever and Cisco already in operation near Labrador Park. As a result, more job opportunities will be created in the area.
Relocation of PSA City Terminal
Relocation of PSA Port at Tanjong Pagar to Tuas Megaport will take place from 2027 onwards. This will free up the space and allow the GSW stretch from Gardens by the Bay to Pasir Panjang, covering a land size twice as large as Punggol, or six times the size of Marina Bay.
Analyst noted that GSW development will benefit organisations that already have footprint nearby the stretch. For example, Mapletree Commercial Trust (MCT) who own Vivocity, and Frasers Commercial Trust who operates Alexandra Technopark, Keppel Corp and Genting Singapore will reap significant benefit from the rejuvenation.
Huge Potential Ahead
The transformation is an exciting one. It takes years to complete and offers a lot of potential to developers as well as investors. That said, commercial and residential developments at the right entry price will continue to receive positive interest from buyers.
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