Real Estate Developments in Singapore Bayside
For better or for worse, there is a changing landscape of private property ownership in Singapore as more and more individuals have plunged into the market frenzy caused by expanded privatization of many public lands and properties in the City-state. From being one of the most heavily government regulated polity in the globe, Singapore is slowly opening up its resources for private ownership. For instance, up until the 80’s a vast tracks of Singapore land were government owned and regulated and were mostly devoted for piers, schools, and government service institutions that provided basic social services.
Recently however, there has been a significant uptick in private sector purchases of these lands and an even more significant participation in the over-all real-estate development of the country. Today, the real-estate ownership and investment ventures show a felt trend towards increased private property selling and buying of lands as more and more real estate parcels are being opened up for development ventures of private institutions. In the last ten years alone, three major land portions in Singapore’s Marina Bay, which has long been secured by the government for public use are now gradually being sold to the private individuals and groups while buildings in the Central Business District, Marina One and Tanjong Pagar Centre are now seeing private investments such that about 50% of the office space in the area that were completed in these areas between 2016 and 2017 are already under lease to private firms.
As if on cue, locals have also joined the bandwagon of selling and buying of private property in Singapore. For so long, a staggering 80% of Singapore’s 5.5 million population lived in public housing estates in Ang Mo Kio Town, Toa Payoh, Clementi, Yishun, Bishan, Hougang, Simei, Woodlands, Punggol, and Bukit Batok Tampines. Although, living conditions in these residences are already adequate and decent, there is an apparent trend of transferring to more extravagant condominiums or private property selling and buying in prime areas in the country despite the significantly higher cost. In 2016 alone, almost S$2 billion worth of residential units were sold in Singapore. Of course, prices of watercove stratahouses in Singapore are dramatically different from the common place public housing units in public lands. Nonetheless, average home owners seem to prefer the additional comforts and extravagance afforded by watercove homes and are willing to pay the additional cost.