Artist’s impression of the Greater Southern Waterfront. Source: URA
PSA Singapore’s decision to move from Tanjong Pagar Terminal to Pasir Panjang Terminal earlier than expected has sparked speculation of the Greater Southern Waterfront project kicking off faster, reported the Straits Times.
Three times the size of Marina Bay, the 1,000ha development is set to be built on land freed up once the ports in the city, which includes Pasir Panjang and Tanjong Pagar, are relocated to Tuas.
The move allows the government to set aside some land for release earlier, depending on market demand and conditions, said Alice Tan, Knight Frank’s research head.
“With real estate needs changing rapidly along with consumer and business trends, it could make sense for land use planning to evolve more flexibly ahead of changing needs.”
Desmond Sim, CBRE research head for Singapore and South-east Asia, however, believes it is still too early to say if the Greater Southern Waterfront project will start earlier.
“It is a huge project, and there is still a lot of elasticity in land supply today, especially at Marina Bay. So, there is no need to rush and trigger plans for the waterfront area,” he said, adding that both the state planner and PSA would benefit if the land is vacated prior to the end of the lease.
“This would give PSA more buffer time to sort out any teething problems and ensure the handover goes smoothly. For the state planners, getting control of the land earlier… allows them to have more flexibility with planning.”
Tanjong Pagar Terminal’s lease will expire in 2027, while Pasir Panjang’s lease will run out in 2024.
Sim believes that the “prime piece of land” would be best used if it is primarily set aside for mixed developments.