The Greater Southern Waterfront: A Property Investment Opportunity?

About The Greater Southern Waterfront

The Singapore Greater Southern Waterfront is a major undertaking by the government, backed by a high-level task force, seeking to transform Singapore’s southern coast into a new major gateway. It will comprise 30km of coastline stretching from the Gardens by the Bay East to Pasir Panjang and West Coast Park, stringing together the following areas:

• Gardens by the Bay East
• Cruise Hub & Coastal Park at Marina South/Straits View
• Keppel & Tanjong Pagar Terminals
• Mount Faber
• Harbourfront
• Pulau Brani
• Sentosa
• Keppel, Labrador & West Coast Park
• Pasir Panjang Power District
• Pasir Panjang Terminal
• West Coast Park

The Greater Southern Waterfront will comprise 2,000ha of land or six times the size of Marina Bay and twice the size of Punggol housing estate. It is poised to become one of the most sought-after locations to live, work, study and play.

To kickstart the mega-development, prime land will be freed up for redevelopment after PSA moves its city terminals at Tanjong Pagar, Keppel and Pulau Brani to Tuas by 2027. This will be followed by the Pasir Panjang terminal by 2040.

Some of the plans for the Greater Southern Waterfront include new residential projects, new attractions and offices (which could potentially create a new Central Business District or become an extension of the existing one).

In addition, Sentosa will be revamped while Pulau Brani, renamed Downtown South, will be redeveloped into a leisure and recreational destination. The aim is to turn them into a “game-changing leisure and tourism destination”.

There are also plans to redevelop the two decommissioned Pasir Panjang power stations along the coastline of the Greater Southern Waterfront into a mixed-use lifestyle precinct.

 

Some Key Developments In The Greater Southern Waterfront

The Greater Southern Waterfront development will take place in phases, starting with the Keppel Club, former Pasir Panjang Power District, Mount Faber and Pasir Panjang Linear Park within the next decade. These developments have generated quite a bit of excitement in the property market.

New MRT Line -  The Jurong Region Line (JRL) will be extended southwards to join the Circle Line (CCL). Called the West Coast Extension, it will improve connectivity by lengthening the JRL to connect with the Cross Island Line (CRL) at the future West Coast station by the late 2030s.  Subsequently, the JRL will be further extended from the West Coast station with CCL at Kent Ridge station by the early 2040s.

Keppel Club – After the expiry of its lease in June 2022, the vacated 44 ha of land which houses a golf course and club facilities will be used to develop 9,000 private and public housing units (BTO flats). These housing developments will have waterfront promenades, abundant greenery and open spaces.

Meanwhile, the government has launched a site at Telok Blagah for sale under its GLS programme in December 2024. It is expected to yield about 740 private residences.

This new housing precinct will have access to two MRT stations along the Circle Line – Telok Blangah and Labrador Park.

The BTO flats will likely be sold under the Prime category under the HDB's new flat classification framework.

The new BTO classifications are introduced to eliminate the "lottery effect" where applicants applying for these prime location flats seek to reap a windfall when they sell their flats in the future instead of staying. Under the new flat classifications, Prime and Plus HDB flats will come with stricter ownership terms, which include a 10-year minimum occupation period (MOP) and a subsidy clawback based on a percentage of the resale price.

Pasir Panjang Power District - With its distinctive, red-bricked structure, the Pasir Panjang Power Station is a unique heritage venue, unlike any other. Completed in 1952/1953, it is credited as one of the nation’s first engines of electricity generation before being decommissioned in the 1980s.

Gazetted as part of the Greater Southern Waterfront, the station and its sprawling surroundings are now earmarked for rejuvenation. Some of the ideas include turning them into hotels and exhibition spaces or a nature-centric mixed-use precinct with parks, water features and recreational facilities.

Meanwhile, a new underground electrical substation, Singapore’s largest, is being built at the former Pasir Panjang Power District. The land above it will be developed into a 34-storey commercial building with a retail podium known as Labrador Tower. Both are expected to be ready by in 2025. When completed, they are likely to help spur new developments around it.

Currently, the Mapletree Business Centre and Alexandra Technopark opposite it are already home to many multinational corporations such as Google, Samsung, Cisco, Unilever, Microsoft, Sennheiser, Hewlett Packard and Hitachi, to name a few.

Preservation of Heritage Port Structures -  The URA is assessing the heritage structures of Singapore's city ports to determine how these historic buildings can contribute to the area's unique character. This includes potential plans to preserve and incorporate significant sites like the Prima Flour Mills.

Following the relocation of major port terminals to Tuas by 2027, there will be opportunities to create a continuous waterfront promenade, providing a chance to redefine the waterfront, and taking inspiration from successful international examples like Cape Town's Victoria and Alfred Waterfront.

Pasir Panjang Linear Park - The new Pasir Panjang Linear Park will include features that allow visitors to experience the natural and maritime history of the area.

Stretching from Labrador Nature Reserve to West Coast Park and close to the shoreline of the Greater Southern Waterfront, it is expected to be completed by 2026. In the future, the park will also feature a waterfront extension at Pasir Panjang Power District.

To commemorate the history of the park, horn bollards used at the Tanjong Pagar Terminal since 1972, along with other maritime artefacts, will be displayed in the park.

There will also be shipping containers repurposed as shelters. Two of them will exhibit maritime artefacts such as a ship telegraph and a ship anchor from the Maritime and Port Authority of Singapore, as well as an old cannon previously displayed in the old Pasir Panjang Park.

There will also be heritage boards and a heritage gallery featuring old photos of the area contributed by the community.

Four New Nature Parks - As part of the plans to improve wildlife connectivity between Labrador Nature Reserve and its surrounding green spaces along the Greater Southern Waterfront, the Labrador and Alexandra areas will get four new parks. These four new parks will come under a new Labrador Nature Park Network which will cover more than 200ha.

They include the following:

1. Alexandra Nature Park
2. Berlayer Creek Nature Park
3. Park at Keppel Club
4. Park at King’s Dock

Of the four new parks, the first to be ready will be the 0.4 ha King's Dock Park which is slated to be completed by 2024. It will be followed by the 2ha Alexandra Nature Park around 2025, which will feature a 500m trail set in a natural forest valley.

The last two new parks will be completed in tandem with upcoming housing developments at the Keppel Club site.

One of the parks - the 6.5ha Berlayer Creek Nature Park - will comprise the existing Berlayer Creek. It will also feature a new 30m wide extension on the side of the creek adjacent to the future housing developments. The extension will act as a buffer for the creek's mangrove habitats.

The final park, at about 7 ha, will be integrated with the new housing developments. There will be four green corridors that run around the site's perimeter and between future housing blocks. The housing blocks will be designed with step-down building heights towards the green spaces to maximise views towards them.

These four parks will form part of the 13 parks in the southern region comprising:

1. Alexandra Nature Park
2. Berlayer Creek Nature Park
3. Clementi Woods Park
4. HortPark
5. Kent Ridge Park
6. Labrador Nature Park
7. Mount Faber Park
8. Park at Keppel Club
9. Park at King’s Dock
10. Pasir Panjang Park
11. New extension of Pasir Panjang Park
12. Telok Blangah Hill Park
13. West Coast Park

Three of the 13 parks - HortPark, Labrador Nature Park and West Coast Park - will be enhanced into "destination parks", which are large regional parks developed thematically to feature unique recreational elements.

The rejuvenation of these parks will contribute to the ongoing transformation of Singapore’s southern region and complement NParks’ Labrador Nature Park Network, as well as the URA's longer-term plans for the Greater Southern Waterfront and Southern Ridges and Coast Identity Corridor

Mount Faber – It is part of the Southern Ridges, which also comprises the Telok Blangah Hill Park, HortPark, Kent Ridge Park and Labrador Nature Reserve. It can be reached via cable car from Harbourfront Tower 2 or a short drive up the winding road from Kampong Bahru Road.

A new funicular system to bring visitors from the foothills to the hilltop and cable car station by 2023 has been contemplated. This will provide easy access to Mount Faber and the rest of the 10 km-long Southern Ridges. However, the plan is still under evaluation.

There are also plans to connect the green corridors to the waterfront promenade in the area.

 

Restoration of 12.5ha Coastal Forest In Labrador Along Greater Southern Waterfront

There are plans to restore a 12.5ha coastal forest in Labrador as part of Singapore's ongoing efforts to conserve its biodiversity for future generations. The restoration of the area - the size of about 17 football fields - will include the planting of 5,000 native trees that are suited to the coastal forest environment found along this part of the Greater Southern Waterfront.

At the same time, there will be a study on enhancing the connectivity between the 22-ha Labrador Nature Reserve and its surrounding green spaces. In addition, under the NParks' Forest Restoration Action Plan till 2030, there will be measures to strengthen its ecological and climate resilience. These will comprise a 10-ha coastal hill forest and beach forest in the 2.5-ha area between the coastal hill forest and the sea.

A new coastal trail will also be introduced as part of the restoration work, where visitors can learn about coastal habitats and their resident diversity. The trail will also provide visitors with views of the sea from vantage points and allow them to learn more about the history of the coastline over the years, the native flora and fauna found at beach forests and rocky shores, how climate change and rising seas levels will affect the environment, and why conserving natural coastal habitats is important to build climate resilience.

These developments will improve air quality, and create recreational spaces, boosting residents' well-being through better connectivity and proximity to vibrant green spaces. Ultimately, they will help to boost property values in the area.

 

The Sentosa-Brani Master Plan

Being part of the remaking of the Greater Southern Waterfront, the Sentosa-Brani Master Plan is a comprehensive redevelopment of Sentosa and Pulau Brani into a “game-changing leisure and tourism destination”. It will be implemented in phases over the next two to three decades.

The masterplan will consist of 5 unique character zones, each offering a captivating experience to local and international visitors alike.

• Vibrant Cluster - A festive and attraction zone, it will feature large attractions and an outdoor performance space.
• Island Heart - At the centre of the entire development, it will have both indoor and outdoor attractions, with views of Mount Serapong.
• Waterfront - The city-facing Waterfront, which will be located closest to the main Singapore island, will retain its port architecture to commemorate its port heritage.
• Ridgeline - For nature lovers, it will offer nature and heritage attractions connecting Mount Faber, Pulau Brani, Mount Serapong and Mount Imbiah to Fort Siloso.
• Beachfront - It will offer water-themed attractions for families.

Transportation and connectivity between the islands and the mainland will be significantly enhanced to facilitate seamless movement for visitors.

 

Pulau Brani Redevelopment (To Be Renamed Downtown South)

Pulau Brani will be transformed into an entertainment and lifestyle destination. Currently, a container port located next to Sentosa, it will be will be renamed Downtown South and will offer new attractions similar to those at Universal Studios.

In addition, there will be a new waterfront promenade and nature trails that connect to Mount Faber and other nearby nature parks to create a green corridor. Under consideration is a plan to erect a barrage around Pulau Brani to form another reservoir similar to the Marina Barrage. If realised, this will offer another venue for watersports enthusiasts.

 

The Rail Corridor

The Rail Corridor is a former railway line that stretches 24km from the north to the south of Singapore, linking the future Woodlands North Coast and Greater Southern Waterfront. The Rail Corridor will link 1 million people within 1km of it, spurring the development of surrounding lands and the rejuvenation of older districts. These will include new commercial, cultural and entertainment facilities. It will also take visitors on a journey through a variety of nature parks, landscapes, communities and unique experiences.

Ending at the former Tanjong Pagar Railway station, the heritage site will be conserved and turned into a multi-functional community space. These will include a public park named Station Green. It will be integrated with the upcoming Cantonment MRT station along the Circle Line. Commuters emerging from the train station will be greeted by conserved railway tracks of old, an auditorium and an art gallery.

 

New Residential Developments In The Greater Southern Waterfront

So far, the private residential property market along the Greater Southern Waterfront has not seen many new launches. Some recent ones are Marina One Residences, Wallich Residence, One Bernam and The Reef At King’s Dock. Most of them have sold out.

The next development likely to be launched is W Residences - Marina View in the first half of 2025.

Meanwhile, the URA has released a site at Telok Blangah for sale in 1H2025. Expected to yield about 740 private residences, it is less than 500m from the Telok Blangah MRT station and a station away from VivoCity and Sentosa.

The government has also extended its CBD incentive scheme which encourages existing commercial building owners to redevelop their properties into mixed uses, adding more vibrancy to the district.

 

Potential Property Hotspots Along The Greater Southern Waterfront

With 2,000 hectares of land spanning the Greater Southern Waterfront, where are the likely future property hotspots?

Perhaps, some clues may be derived from former National Development Minister Lim Hng Kiang’s speech in November 1997 at the official opening of the Singapore Airlines Building. He said:

“We will introduce more housing into the existing Downtown, especially in the Tanjong Pagar area, to create a critical mass for a livelier city centre”.

Mr Lim added:

“Our present Downtown will grow and expand seamlessly into the new Downtown. We will transform the entire waterfront area from Marina Centre to the scenic Marina Bay, where the New Downtown will be built, into an exciting strip”.

 

Residential Developments At Marina Bay

Subsequently in 2002, a 99-year leasehold site was launched for tender by the government where The Sail @ Marina Bay currently occupies. Following that, a number of residential developments have been built, which include Marina Bay Residences, Marina Bay Suites and Marina One Residences.

Most of them are mixed-use developments as the URA seeks to transform the Central Business District (CBD) into a livelier and more vibrant place to live, work, and play.

Hence, it is little surprise to see more developments will be coming up in the Marina Bay area.

One of the upcoming developments will be W Residences Marina View. The site located next to Singapore Conference Hall was sold under the government land tender in September 2021 to Boulevard View, an entity linked to IOI Properties Group.

Up next is the Marina Gardens Lane site located close to the Gardens by the Bay and overlooks the Marina Reservoir and the Straits of Singapore.

Launched for tender in December 2022, it is expected to yield about 790 residential units. It is part of the plan to transform the 45-ha Marina South precinct into a mixed-use neighbourhood consisting of retail, office, hotel and residential developments.

Meanwhile, another site at Marina Gardens Crescent next to it was tendered out, but the sole bid in February 2024 was deemed too low. Hence, it was not awarded. The site is expected to yield around 775 residential units.

Marina South is envisioned to be a sustainable and car-lite precinct with pedestrian-friendly streets, a comprehensive cycling network, a pedestrian mall and an underground pedestrian network that will be linked to the Gardens by the Bay and Marina South MRT stations on the Thomson-East Coast Line.

 

Relocation of Tanjong Pagar Port Terminal

Another area for potential housing developments is the former Tanjong Pagar port terminal which was cleared in 2017, well ahead of its lease expiry in 2027. This leads to the expectation that the government would release land within the Greater Southern Waterfront sooner than expected.

And at the nearby Keppel Distripark, the land it occupies currently has been rezoned to "subject to detailed planning".

In URA lingo, this means the land use and plot ratio are yet to be finalized. But, given its prime location next to the upcoming Keppel MRT station along the Circle Line, it will likely be an integrated development.

 

CBD Incentive Scheme - A Property Revitalisation Initiative

A new supply of private residential housing is also expected to come from the CBD Incentive Scheme which encourages building owners to convert existing, older, office developments into mixed-use developments in the Central Business District (CBD).

The plan is to rejuvenate the city centre and will apply to areas around Anson Road, Cecil Street, Shenton Way, Robinson Road and Tanjong Pagar. According to former National Development Minister Lawrence Wong (now the Prime Minister of Singapore), the aim is to introduce a broader mix of uses so that the CBD is "not only a place to work but also a vibrant place to live and play".

To entice owners to redevelop their buildings, the scheme will offer an increase in gross plot ratio of 20% or 30% depending on the type of conversion. New developments taking advantage of the scheme include the Realty Centre opposite One Bernam, Fuji-Xerox Towers at Anson Road, and AXA Tower at Shenton Way.

The Fuji-Xerox Towers will be redeveloped as Newport Residences. It will comprise a 45-storey mixed-use development with 246 residential, a super penthouse, Grade A offices, and serviced apartments.

Meanwhile, the AXA Tower will be redeveloped as Skywaters Residences. The 63-storey development with a height of 305m will be the tallest building in Singapore. Also a mixed-use development, it will comprise 215 residential units, retail spaces, offices, and a hotel.

New Housing Supply From En Bloc Redevelopment

New private home supply could also come from en bloc redevelopments. One of the most recent was the collective sale of Gloria Mansion located at 292 Pasir Panjang Road.

Redeveloped as Hillshore, the 59-unit freehold condo is near Haw Par Villa MRT station on the Circle Line. It is also accessible by the West Coast Highway and Ayer Rajah Expressway.

Before Gloria Mansion, another development that went en bloc sale was Flynn Park. Situated at Yew Siang Road, just off Pasir Panjang Road, it is now known as Terra Hill.

Other earlier redevelopments along the Greater Southern Front include Redwood West, Harbour View Gardens, and Vista Park. Harbour View Gardens and Redwood West were freehold developments located at Pasir Panjang Road while Vista Park was a 99-year leasehold development at South Buona Vista Road.

Harbour View Gardens has retained its original name while Redwood West and Vista Park are now known as The Verandah Residences and Kent Ridge Hill Residences respectively.

Harbour View Gardens and Verandah Residences were launched in April 2018 and Kent Ridge Hill Residences in November 2018.

Going back further, Bijou, a mixed development by Far East Organisation, was launched in 2014. Comprising 120 residential and 15 commercial units, it is located opposite the Pasir Panjang MRT station and Food Centre.

As the above-mentioned properties are situated very close to the Pasir Panjang Linear Park and the Greater Southern Waterfront coastline, they have greatly appealed to both homebuyers and investors.

 

Will En-Bloc Interest Pick Up?

However, en Bloc sales have slowed down considerably and this can be attributed to the following reasons:

• High prices and costs: High property prices make it hard for sellers and developers to agree on a price, while increased ABSD rates make land acquisition more expensive for developers.
• Regulations and competition: Tighter regulations and competition from government land sales make en bloc deals less attractive for developers.
• Homeowner challenges: Getting enough homeowner approval can be difficult due to resistance arising from the high cost of acquring a replacement home.
• Economic uncertainty: Economic uncertainties make developers more cautious about bidding for large projects.

Nevertheless, smaller developments with good locational attributes may still attract interest from housing developers.  This is because they can be sold off more easily before the 5-year ABSD deadline and avoid penalties.

 

Telok Blangah HDB BTO Sale

In the public property market, sales of the Telok Blangah Beacon BTO flats in May 2021 attracted a huge demand for its four-room flats despite being one of the most expensive in HDB's sales exercise during that time. It witnessed one of the highest application rates in recent years where only one in more than 28 first-time applicants will get a unit. It is even harder for second-time applicants, with more than 412 applicants vying for each available unit.

The prices for the four-room flats, located about a 10-minute walk from the Telok Blangah MRT station, ranged from $602,000 to $710,000. The key attraction is its central location in a mature estate and proximity to Vivocity at Harbourfront. It is also the first BTO project to be launched at the Greater Southern Waterfront at that time.

 

Upcoming Keppel HDB BTO Sale

Hence, when HDB launches BTO flats at the former Keppel Club site along the Greater Southern Waterfront in 2025, they are expected to attract strong interest.

This is despite the latest slew of new regulations to ensure the equitable ownership of these flats to prevent social stratification that only the rich can afford.

About 9,000 new housing units are expected to be built at the former Keppel Club site - 6,000 HDB flats and 3,000 private residences.

Judging from the strong demand for Telok Blangah Beacon BTO flats and new private property launches around the area, this clearly attests to the attraction and desirability of living along the Greater Southern Waterfront.

The 48-ha Keppel Club site, situated between Telok Blangah and Labrador Park MRT stations along the Circle Line, will be linked by walking trails. Offering unique waterfront living and close to nature, about 20% of the site (about the size of 18 football fields) will be set aside for parks and open spaces.

This will include four green corridors running through the estate, which serve as recreational spaces - namely the Central Corridor, Berlayer Corridor, Henderson Corridor and the Northern Corridor.

At the same time, housing blocks will be designed with step-down heights towards the green spaces to maximise views.

 

Conclusion - The Greater Southern Waterfront Property Outlook

The private property market has been resilient during and after the COVID-19 pandemic. This can be attributed to several factors:

• Demand for private properties by HDB upgraders who benefitted from rising prices of HDB resale flats.
• Financial prudence and the absence of property speculation due to government property cooling measures.
• Lower mortgage rates.
• Low unsold housing inventory.
• Controlled government land sales ensure market stability.
• Revival of foreign interests, especially from new citizens and high net-worth individuals, due to Singapore's safe-haven status.
• Sound economy.

According to data from the Urban Redevelopment Authority (URA), Singapore's private residential prices rose 3,9% in 2024 compared with a 6.8% gain in 2023 and an 8.6% jump in 2022.

This is the slowest annual price growth recorded since 2020 when prices increased by just 2.2% during the Covid-19 pandemic. Although this suggests some caution is creeping in, private residential prices are forecast to grow between 3% to 4% in 2025.

If you wish to find out more about property investment in the Greater Southern Waterfront or elsewhere, please feel free to WhatsApp or Email Us.

Besides the Greater Southern Waterfront, the other property hotspots in Singapore include the following:

• Jurong Lake District
• One-North
• Woodlands Regional Centre
• Novena
• Tampines Regional Centre
• Tampines North
• East Region
• Bayshore & Long Island

 

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