By 2030, Singapore as we know it could look very different.
Long commutes to work will be a thing of the past, as business centres that rival the existing central business district in both size and opportunity spring up in other corners of Singapore, like Jurong, Tampines and Punggol.
Sprawling golf courses could make way for new housing and commercial buildings, while existing industrial estates will be intensified into high-rise, high-density work complexes.
Bigger is better, as more land is reclaimed or opened up for redevelopment. The transport network will also be better connected, as seen from plans to almost double the existing train network to 360km by 2030.
It is an ambitious urban planning exercise that the government is well-primed to pull off. However, the efforts to better utilise space in land-scarce Singapore will not come without challenges.
This could be most evident in the property sector, which just recently saw cooling measures introduced to quell speculative demand that had put the market at risk of a price bubble.
And while the government expects to have an additional 3,000ha of land for some 1.3 million new homes leading up to 2030, it will also be keen to stabilise the property market, not least by controlling land sales to private developers.
Which would lead to developers having to balance higher land prices while keeping costs consistent for homeowners. They could recalibrate home sizes, reducing them to an average size of just 840 square feet by 2030.
As Singapore upgrades itself to accommodate a larger population, what will the changing landscape entail for its residents and business owners?
And, how will this play out for the property market and its investors?
To download the full reports on Reimagining Real Estate, please click the following: