If you haven’t heard, the Urban Redevelopment Authority (URA) Master Plan is a blessing for anybody wishing to purchase real estate, whether they want to live there or invest in it. The Plan, which is examined and updated every five years, serves as the equivalent of a crystal ball for the government’s development goals for Singapore.
Buyers can benefit from the first-mover advantage (and sellers may be able to set a higher price) by taking advantage of changes to the Master Plan, which offer invaluable hints about possible real estate upside.
Bayshore, Kampong Bugis, and Queenstown, three of the six Singapore localities where the largest changes had been made in the most current URA Master Plan 2019, were the subjects of Part I of this article. (in contrast to the previous one in 2014). It’s time to find three more locations that, in the upcoming years, are likely to be the hub of development and the buzz of the town.
The URA Master Plan 2019 has a fourth change: Beauty World.
Residential sites are color-coded as pale orange on the URA Master Plan. Residential and commercial areas are indicated with light blue. Sites for businesses (retail and/or offices) are dark blue.
The Development of the Beauty Industry
Beauty World, a retail hub that had flourished in the 1960s and 1980s, is in serious need of remodeling. Residents in the region have been served by Beauty World Plaza, Beauty World Centre, and Bukit Timah Shopping Centre for many years. They are large concrete building bricks with no regard for form. Across the street, a row of restaurants and cafés are housed in vintage shophouses.
Over the past ten years, a substantial change has taken place. Change was spurred on by the 2015 completion of the Downtown Line’s Beauty World MRT station, which increased local foot traffic. The nearby Goh & Goh Building, which was constructed on freehold land and sold en bloc in 2017, will be turned into condominiums. Beauty World Plaza, a mixed-use commercial and residential development, made an unsuccessful en bloc bid in 2019. (read our Property Market Outlook 2020 for more details).
Near the Beauty World MRT, a number of new condos are being constructed, including Daintree Residence and View at Kismis. The modernization of the neighborhood’s retail and commercial facilities was only a matter of time.
What has the URA Master Plan for Beauty World for 2019 changed?
On an undeveloped parcel of land close to Beauty World MRT (designated with a red “H” in the 2014 edition of the URA Master Plan), the government had plans for a sizable medical center.
The URA declared this year that the property will be turned into an integrated transportation hub even though the medical facility was never actually built there. According to the URA, this site will have a community club, a renovated market, hawker center, indoor sports hall, community library, and an aging facility in addition to a retail and private residential component. The URA announced on December 3, 2019, that this site will be placed up for auction the following year, with the potential for 865 condo units.
Upcoming
In the upcoming years, Lentor Hills Residences, an integrated transportation hub, won’t be the only mixed-use construction. In 4Qtr 2022, the Lentor Hills Residences showflat will be available. Another “light blue” development, albeit a smaller one, across the street will offer more housing and retail possibilities.
Perhaps the most notable change in the region is the amount of recently built condominiums, as depicted in the above map. Here is a collection of recent and upcoming developments to give you a sense of the neighborhood’s residential transformation through the year 2020:
The name of the newly launched project units?
Residences at Daintree 327, looking toward Kismis 186
Mayfair Modern 171 Verdale 258 Forett Bukit Timah 638 Beauty World @ The Linq, The Reserve Residences @ Jalan Anak Bukit 211 Mayfair Gardens 215 Ki Residences 160
Why Is It Important?
Although the private home complexes in and surrounding Beauty World depict an optimistic future, don’t ignore the nearby Bukit Timah HDB community. With 1,733 units, this precinct now boasts one of Singapore’s highest HDB resale transaction values. (Bukit Timah is one of the top five most expensive HDB towns this year, with a median transaction price of $666,500 for 4-room apartments.) These flats ought to experience further growth given the upcoming construction of a major integrated transit hub.
Going back to local houses of worship, the horizon also looks bright. In District 21 (which primarily encompasses Beauty World and the nearby neighborhood), the median per square foot (psf) asking prices for non-landed private properties have increased by 28% during the past three years. Following District 7’s 30% increase, this is Singapore’s second-highest increase.
We believe that the increase in asking prices will remain over the next few years given the government’s ambitions for the neighborhood.
Or perhaps you may also look into lentor side. upcoming there will be a launch call Lentor Hills Residences that is beside Lentor Modern.