Our downtown core has always been the financial and commercial hub of Singapore, dominated by offices. However, over the years, thing has evolved. The emerging need of the younger generation has changed. The needs of a modern lifestyle have emerged.
No longer do you just want to work at one location and then travel back home. Rather, you yield for something more, where you can work, live and play within the one vicinity.
Not only is this the kind of expectations that the younger generation is looking for. This has become one of the many criteria of those foreign talents want to fulfill as well.
After going through the Covid-19 pandemic for the past two years, you crave for work life balance more than anything else. Whether the employers allow for flexi-work arrangement.
Are you able to work, live and play within a vicinity?
Our government understands that this is an important changing requirement that it can’t afford to ignore.
With our CBD as the financial hub remains important, so is the importance to incorporate the evolving needs of the modern lifestyle into the business landscape.
As part of the Masterplan 2019, major changes have been drafted out in the Downtown Core where our CBD resides.
Where is Downtown Core?
Image source: https://singapore-streets.openalfa.com/downtown-core_downtown-core
Subzone in Downtown Core |
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| Anson | Bayfront subzone | Bugis |
| Cecil | City Hall | Clifford Pier |
| Marina Centre | Maxwell | Phillip |
| Raffles Place | Tanjong Pagar | |
Our government no longer wants our CBD to be fully focused on businesses only. Rather, they want to transform Downtown Core to be a place that allow people to live and play, not just work.
From Mainly Commercial to More Mixed-used Downtown
All along, downtown core is a very prime district for businesses and no way will there be any room for recreation and residential purposes. But with the changing needs of people, thing needs to be changed. If you can take a closer look at our CBD right now, thing has changed. Land use has shifted to more mixed-use. More space has been given up for recreation, community interaction and residential purposes.
Image source: URA
In order to better support the continued growth and the repositioning of our CBD as a mixed-use district, the government has introduced an incentive scheme – CBD Incentive Scheme where it encourages developers with buildings aged more than 20 years to convert them into mixed-use development. The redevelopment of these old buildings must be able to:
- Provide a wider use which includes hotels, residences and recreational options.
- Improve the connectivity to nearby buildings.
- Create a people-friendly environment that allow for social interaction and an appeal for people to live and work in.
- Selected areas include: Parts of Anson, Cecil Street, Robinson Road, Shenton Way and Tanjong Pagar.
Dynamic Urban Neighborhood
Image source: URA
The presence of a dynamic urban neighborhood is crucial where it provides the space for recreation and community interaction.
Increase in Entertainment and Community Interaction:
- Diverse pop-up play spaces and festive activities at Guoco Tower Urban Park
- Singapore River Festival – promote diversity and inclusivity within community
- Key streets will create more inviting, mobility-friendly and greener streets, linking Rail Corridor to the CBD at Anson
- Courtyards and pockets of open space will serve as outdoor ‘living rooms” for communities to gather together.
Currently, Anson and Cecil precincts are already close to residential areas and close proximity to some amenities which includes hawker centers and markets. These precincts can be further redeveloped to support the best of city living.
More public spaces and parks will be created to allow for you to rewind after a long’s day of work in the office. The use of State lands and State properties to provide more recreational activities.
Improved connectivity with opening of new MRT stations
Image source: landtransportguru
Connectivity must be there to allow people to move around easily within the CBD as well as to other parts of Singapore.
This is one of the main reasons why new stations (TEL) are opening up in the downtown Core. Thomson-East Coast Line Stage 3 (TEL) will be opened by end 2022 and with stations that cut through CBD, it will definitely help to improve on the connectivity within.
- TE18 Maxwell Station, located next to famous Maxwell Food Centre and is convenient to visit cultural places and places of worship.
- TE19 Shenton Way – Located in the heart of CBD. Excellent accessibility to UIC Building (2mins), Shenton House (3mins) and Marina One Residences (6mins walk)
- Upcoming Prince Edward and Cantonment Stations will close the loop between Harborfront and Marina Bay Station and this will further enhance the connectivity in the CBD area as well.
Enhanced connectivity through public transport is crucial as Singapore is moving toward a sustainable green city. Being car-lite in CBD is becoming more evident and with the presence of MRTs in these districts will really help travelling so much easier and convenient.
More Homes in CBD
More land space has been crafted out to provide more homes within downtown core.
For instance, Midtown Modern and Midtown Bay are launched in Bugis. Developed by Guocoland, it is a rare occasion where we can see integrated development in CBD area. With direct access to Bugis MRT, more than 400,000sqft of space has been dedicated to landscaping and public space. A space of 50,000sqft has been used to provide gourmet dining, shopping and entertainment experience.
The development of Midtown Modern is set to transform Bugis into a lively, inclusive environment for the living of younger generation and it is definitely in line with our government’s vision of “Work, live and Play” notion.
Marina One Residences, another integrated project located at Marina View. A development where there is Grade A office tower, luxury residential homes, gourmet dining experience and direct access to Circle line, Downtown line and Thomson-East Line.
Existing new launches like One Bernam and The M are some of the excellent options to consider.
Future launches have been put in place like Maxwell House, Newport Residences, AXA Tower and Marina View GLS.
The Impact on Downtown Core Condo
Land in Singapore is not cheap due to scarcity. Let alone is the land use in prime district. If you ask me, property in downtown core won’t come cheap either.
Right now, property prices have gone up quite significantly since the easing of Covid-19 situation. New condo launches have now reached a new price point of above $2,000psf and people are accepting this new fact.
Honestly, will there be people who want to work and live in the same location?
In the past, people will hardly prefer to work and live in the same place because they feel that there is no life outside their work if they stay too close to their workplace.
However, thing has changed now. The perspective of younger generation is so much different from the older ones. Quality of life is what they seek now. Their lives do not center solely on job anymore. Enjoyment of life is also important to them too. They don’t like commitment. They want convenience in their lives.
In a way, working, living and playing in the same location appeal to them. They love the idea. Earning power for this generation is way much better now.
Can they afford to live in such location?
AMO Residences in Ang Mo Kio is sold at average psf of $2,300 and left with 6 units unsold (as at 15 Sept 2022)
One Bernam located at Tanjong Pagar is still selling at an average psf of $2,500psf. The M at Middle is selling at about $2,496psf.
In other word, current new launches are still selling at a price relatively close to those new launches in those locations further away from the prime district.
Once things get more developed in the downtown core where people see the beauty of living in such locations, the demand will increase. So will the prices.
Not only that, expatriates working in CBD will prefer to live close to their workplace. With the convenience of dining choices nearby and the ease of travelling around with MRT close by, living in such locations will become their top priority.
From an investor’s perspective, this can be a good option to add into your investment portfolio.
To conclude, the idea of “work, live and play” is still not very receptive yet. However, downtown core is already transforming. New condo in these areas is still underpriced but it will not stay for long.
