The developments at Harbourfront 0 comments

(P.S: Sorry for any disturbances the advertisements above may have caused you)
Originally my intention was to write an article about an emerging preference for waterfront luxury living in Singapore, centering on Sentosa and the bayfront condominium and bungalow projects that have been selling like hot cakes recently. However, I decided to subsume it within the broader theme of the development of Harbourfront, one of the most exciting precinct developments in years.

Below is a map of the area's developments extracted from Tuesday's Business Times (it was similarly a writeup on the promise of the Harbourfront region by a Colliers property analyst):



The development of the area has been a long time in the making. Sentosa embarked on a strategic plan to rejuvenate Sentosa and the Southern Islands in 2002, and according to its website is now in its final phase with most other planned developments in place. The strategic vision foresaw Sentosa-HarbourFront as a single integrated tourism hub, forming a so-called Central Leisure District. The building of the Sentosa IR by 2010 would complete the final piece in the jigsaw (probably not anticipated in the original plan --- a bonus nonetheless).

The past year has witnessed the successful marketing of waterfront luxury housing development along Sentosa Cove; a measure of its success is that housing prices are forecast to even approach incumbent prime district (Orchard Road) luxury housing prices in the future. In fact the idea of waterfront living was pioneered by the Caribbean@Keppel Bay condominium development across Keppel Harbour. These would not be the last of the residential developments in the area, though bayside frontage would be limited given the presence of other developments.

These other developments currently are commercial and retail, of a scale sufficient to attract critical mass. The office towers of Harbourfront Centre and the various office towers are already in place, and the precinct now also boasts Singapore's largest retail mall right at the gateway to Sentosa. Entertainment will easily be found across in Sentosa in the future with the IR development of course, but St James Powerstation could provide a separate centre of nightlife entertainment. If one wishes to stretch the point, he could look down the road towards Keppel Country Club and its golf links (of course, there's also Sentosa Golf Club); this is an old club which could easily become more important in coming years due to its proximity and facilities.

The transport infrastructure is planned well in advance, signalling the government's high hopes for this area from the start. The new Circle Line will have three stations in the area: Labrador Park down the stretch, Telok Blangah, and to the existing Harbourfront MRT station. A Light Rail System will transit between Sentosa and the mainland. There is already an international cruise centre to bring in tourists. The area is close to the Central Business District, hence further enhancing its attractiveness and connectivity.

The above descriptions serve as a grounding in order to comprehend my basic view that the area is able to attract a critical mass of residents, tourists and funseekers that will establish the Harbourfront area as a major new precinct in the coming years, if it is not already evident to anybody taking a bus ride along Telok Blangah Road and passing by these developments. It is a no-brainer that the waterside frontage is the most valuable and will be maximised in usage, a stretch of it possibly forming a promenade similar to overseas developments like Canary Wharf or Fisherman's Wharf. The next promising developments are seen to be across the road from Harbourfront, in the existing bus interchange/food centre area and Mount Faber further up. Looking down Telok Blangah Road, the stretch of shophouses and miscellaneous industrial/religious buildings also possess redevelopment potential.

Keppel Land and Mapletree Investments (the real estate arm hived out from PSA) own large undeveloped plots along the entire waterfront stretch, while across the bay at Sentosa Ho Bee and City Developments are poised to be key players in the luxury housing segment. As the area sees further development, more companies are poised to take a stake in it in one way or another. Watch for it. This area, together with Marina Bay (where the other IR will be built), is where the action will be in the future.

References:
(1) Busines Times article Oct 24: Harbouring huge changes