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Kampong Bugis risky for developers in light of hefty taxes and weakening sentiment

by • June 7, 2019 • Land SalesComments (0)178

Kampong Bugis poses higher risk to developers in light of the hefty taxes (non-remittable tax and ABSD) and weakening market sentiment, said List Sotheby’s Interntional Realty (List SIR).

List SIR, the leading luxury real estate services company, said that in referring to the announcement of the Government’s second half 2019 Government Land Sales programme (2H2019 GLS). URA first unveiled the plans for the White site at Kampong Bugis in the 2017 exhibition titled “Our Neighbourhoods: A Look into the Future” to seek feedback from the community.

Kampong Bugis

Image credit: URA

With a sizeable land area, the Kampong Bugis site is strategically located at the mouth of Kallang River with 1.1 km of water frontage.

Located a stone’s throw away from the City and within walking distance to three MRT stations, the Kampong Bugis precinct will be developed as a car-lite residential precinct with about 4,000 dwelling units. Leveraging on the prime waterfront along the Kallang Basin overlooking the Sports Hub and the greater Marina Bay, the existing Kallang Riverside Park here will also be given a new lease of life and be transformed into an attractive waterfront park for the larger community to enjoy.

URA earlier said that a Master Developer will be appointed to plan, design, and implement the developments as well as the public spaces within the precinct holistically.

URA also said that the Kampong Bugis precinct will focus on active mobility.

A new underpass and footbridge planned across Crawford Street and connecting to Sims Avenue will make walking to Lavender and Kallang MRT stations easier and faster in the precinct. Designed for residents and families whose choice of mobility modes are primarily public transport, car dependency is likely to be low at Kampong Bugis.

Car parking provisions for the precinct can be adjusted to one car park lot for every two residential units. With reduced car dependency, less space is needed for surface roads and car parks, and more space can be freed up for parks and community spaces, said URA. URA added that tapping onto the planned extension of the Bishan-to-City cycling route that traverses across Kampong Bugis, residents can also beat the morning traffic by cycling to the City in just 15 minutes.

Kampong Bugis will also be designed to support a variety of commute choices for convenience of all residents, including those less mobile. Possibilities could include shuttle bus services, shared car services, or even buggies, said URA.

URA added:

“The existing Kallang Riverside Park will be transformed into a lush and vibrant waterfront park. Located along the Kallang River, cyclists and joggers can stop for a break under the lush shady trees before continuing their journey. To keep our waters clean, developments here will also have a network of greenery and water sensitive features that will store and cleanse rainwater before it is discharged into the Kallang Basin.

“Kampong Bugis will be the first private residential precinct to pilot a district-level pneumatic waste conveyance system. There will be separate chutes for waste and recyclables, which will be collected at one central station through an enclosed ‘vacuum’ system. This collection method is not only cleaner, but will also minimise the number of refuse collection trucks plying the precinct.

“From local bakeries, childcare centres, tranquil courtyards to playgrounds, the neighbourhood will offer a variety of publicly-accessible amenities for both residents and visitors. These amenities would be conveniently located within easy access and could include co-working spaces and sports and recreational facilities.”

The Government said that the Kampong Bugis site will be released under the 2H2019 Reserve List for sale to a Master Developer. The intention is for a single developer to comprehensively master plan the site.

Although Kampong Bugis  poses higher risk to developers, they will have a clearer picture of the market and a better idea what the project entails when the site details are released in December, said List SIR. “The developers would then be in a better position to apply for the release of the site for sale,” it added.

Colliers International commenting on the Kampong Bugis site said, “Kampong Bugis should be attractive to a large developer or a consortium of developers as it offers a rare opportunity to plan and create an urban ecosystem, over a long term.”

Wong Xian Yang, senior manager of research at Cushman & Wakefield, believes the total land cost for Kampong Bugis may exceed $5 billion, which he said would “be prohibitive even for the big boys”.

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