residential haven

Paya Lebar AirBase relocation from 2030 onwards would free up 800ha of land – an area larger than Ang Mo Kio or Bishan. Height limits now in place in the eastern portion of Singapore to guarantee aircraft navigational safety would be eased, allowing for the redevelopment of existing low-rise structures.

Prime Minister Lee Hsien Loong revealed this idea for the first time in 2013 during his National Day Rally address. He said that the property would be utilized to “construct new residences, offices, industries, parks, new living environments, and new towns.”

However, property analysts believe that closing the air station would not immediately result in a boom in the area’s property values.

The Ministry of National Development, the National Environment Agency, and the Singapore Land Authority stated on Tuesday (July 18) that Tengah Air Base would be extended to make way for future projects at Paya Lebar Air Base.

To the question of whether this signals the start of a property price boom over at Paya Lebar, SLP International Nicholas Mak mentioned that many variables must be examined, including the timing of the transfer and market circumstances at the time.

As he stated: “It really relies on the timing of the move and the market circumstances at the time. For instance, a recession may result in fewer individuals buying homes, resulting in little movement in property values.”

Mr Mak said that redevelopment of the site for residential use might result in an increase in housing supply, which would “place a lid on home prices.”

Even if prices do increase, they will do so “moderately.”

According to International Property Advisor chief executive Ku Swee Yong, the reopening of Paya Lebar Air Base is important since existing height limits would be lifted.

He said that the region would have “more space for the construction of a higher density neighborhood.” Existing apartments in the neighborhood, for example, may be renovated and raised.

Mr Ku said that it is premature to speculate on how Paya Lebar’s environment would evolve, since there are already established communities that have not reached their full potential, giving Jurong West as an example.

Mr Ku said that the absence of essential services like as sewage, gas, and telecommunications on the area presently held by Paya Lebar Air Base would take years to fix.

After all, he pointed out, the property has been utilized as an aviation base for decades, reducing the capacity of such facilities.

“Once the property is handed to the government, it would take several years to lay down basic infrastructure before redevelopment can begin,” Mr Ku said.

Geylang As a Residential Haven(Paya Lebar Airbase)

In recent years, a number of Geylang sites have been acquired by real estate developers for the purpose of developing boutique-style condominiums.

Nearby, Gems Ville Condo and Mori are scheduled to open in the 2021/2022 timeframe. They are situated on Lorong 14 and Lorong 24 in Geylang, respectively. Both are freehold. These two projects are highly sought after owing to their city edge position and proximity to all of the area’s gourmet establishments.

Since its debut in 2021, the latest development, Noma, has sold very well, with the last four-bedroom apartment remaining. On the property, a plot ratio of 2.8 is permitted for residential construction.

When finished in 2023, the condo will contain one- to four-bedroom units on the outskirts of Geylang’s red-light district.

It will include an infinity pool, a calisthenics studio, and a rooftop patio.

Since its preview day, 46 of the 50 available apartments had been purchased. Prices for one-bedroom units vary from about $700,000 to over $2 million for four-bedroom units.

Paya Lebar Airbase

The strong demand is unsurprising, given that NoMa is a freehold building with an excellent position on Guillemard Road, according to Macly Group, which bills itself as a trendsetter in the shoebox apartment market.

The developer is responsible for a number of Geylang Condos, including Guillemard Edge and Cassia Edge.

NoMa is located about 500 meters from the Dakota MRT station and a ten-minute drive from the Central Business District.

Additionally, there are many restaurants and convenience shops within a short walk.

They said that as a result of this shift, real estate developers may want to acquire more freehold landed properties in order to construct higher buildings with more units in the future.

Certain landed properties in that area may therefore demand a premium.