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Changi Region set to be vibrant economic hub under Draft Masterplan 2019

by • May 13, 2019 • Property RegulationsComments (0)375

Draft Masterplan 2019 envisions Changi Region to be redeveloped into a vibrant and thriving economic hub, hosting industries that maximise synergies with Changi Airport. The transformation of Changi Region would keep pace with growing air travel and freight demands.

Changi Airport is increasing its capacity and enhancing its offerings progressively with the completion of Terminal 1’s expansion and the upcoming opening of Jewel Changi Airport in mid-April 2019. Looking forward, the future Terminal 5, Changi East Industrial Zone and Changi East Urban District will provide additional capacity for Changi Airport’s future growth.

Changi Region

Connectivity Plan of the Changi Region – Image: URA

Changi Region to be Well-Connected, Mixed-Use District Connecting Businesses, Employees, Residents and Tourists

URA said that it will improve connectivity to Changi Region to support the growth of Changi Airport. The newly announced Cross Island Line Phase 1 will complement existing MRT lines and reduce travel time to Changi Region. We are also studying the extension of the Cross Island Line and the Thomson-East Coast Line to serve Changi Airport. There will be new road corridors and other road improvements. With the Tanah Merah Ferry Terminal at the doorstep of the future Terminal 5, there is potential for seamless “fly-ferry” linkages.

Changi Region to be Attractive Lifestyle Destination for Those Near and Far

URA said that Changi Region will be much more than just an employment node. It can have a diverse range of recreation and tourism attractions. From the rich, rustic heritage of Changi Point to the iconic lifestyle and entertainment options within Jewel Changi Airport, a wide range of unique leisure attractions will be connected by the Round Island Route and cycling network. In the longer-term, a waterfront district could be developed to offer exciting new recreational and tourism possibilities.

URA seeks public feedback for Draft Master Plan 2019 proposals

Changi Aviation Park in Changi Region will support new aviation-related industries
The existing air cargo cluster can be expanded with the development of Changi East Industrial Zone, to cater to new aviation-related sectors and businesses that rely on air connectivity to the world.

Draft Masterplan 2019 envisions Changi City to be transformed into a Waterfront District
Possibly a waterfront district in the longer term, it offers exciting new recreational and tourism possibilities and seamless inter-modal “fly-ferry” linkages from Terminal 5.

Changi City will be an Innovative lifestyle business district with SUTD & Changi Business Park at its core
Leveraging on Singapore University of Technology and Design (SUTD) and Changi Business Park (CBP), an innovative ecosystem with a live-in community would attract businesses and institutions involved with freight transportation/aviation-related research and development, including artificial intelligence and robotics technology.

Changi City could also be Innovative lifestyle business centre with Changi East Urban District
Located at the doorstep of the future Terminal 5, there could be new offices, smart work centres, flexible conference rooms and halls, hotels and serviced apartments, set amidst lushly landscaped public spaces within the new Changi East Urban District.

With all these ideas, Draft Masterplan 2019 envisions Changi Region to be a vibrant Live-Work-Play-Learn Ecosystem Around the Airport.

The Draft Masterplan 2019 reflects Singapore planners’ people-centric approach to achieving sustainable growth through continuous innovation to enhance the attractiveness of the city, said a Policy Watch report by prominent real estate services agency Cushman & Wakefield (C&W). The key strategies highlighted in the Draft Masterplan 2019 will move Singapore in the right direction towards a sustainable and livable city of the future, the report added.

Draft Masterplan 2019 reflects growing momentum in property sector

Christine Li, Senior Director of Research for C&W said: “A CBD Incentive Scheme will offer an increase in gross plot ratio to encourage conversion of existing office developments to hotel and residential uses. This could be beneficial for many office developments which face challenges when it comes to land use zoning. As residential and hotel use typically has a lower capital value, it does not make sense for land owners to downgrade to those development options without the increase in the plot ratio. With the new CBD Incentive Scheme in place, it will make commercial sense to look at various development options.”

She added: “A wider implication could also be on the office sector. Given that there could be a wave of redevelopments into residential and hotel segments to tap onto the CBD Incentive Scheme, office supply in the medium term could be even tighter if there are more conversions of office developments into residential and hotels. This could potentially cause Grade A CBD office rents to rise further as supply is taken off the market. Nonetheless, there could be positive outcomes as some companies would shift out of the CBD, which is in line with the government’s decentralisation strategy of commercial activities.”

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