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.
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