MRT station, property, Singapore property

The areas around three new MRT stations announced last week (November 2015) may be sleepy now, but expect this to change down the track.

Redevelopment potential is ripe near the sites of Keppel, Cantonment and Prince Edward stations, experts say. The trio will be part of the sixth stage of the Circle Line, to be completed in 2025.

Keppel Station is to be in Keppel Road, near Keppel Distripark and Keppel Terminal; while Cantonment will be integrated with the old Tanjong Pagar Railway Station. Prince Edward will be at one end of Shenton Way, near Palmer Road.

Other than Cantonment's site, zoned commercial, the other two are zoned as reserve sites under the Urban Redevelopment Authority (URA) Masterplan 2014.

This means the URA has much flexibility near the stations, said Ms Christine Li, director of Singapore research at Cushman & Wakefield.

MRT station, property, Singapore property
There are likely to be more residential and integrated residential and commercial developments near Keppel Station in the future. The Keppel area is largely undeveloped, with empty tracts in areas, including the vicinity of these Spooner Road flats.ST FILE PHOTO

As Cantonment will be an extension of the old railway station, ideas could include an integrated railway mall with a focus on food and beverage. It could also be a venue for cultural and lifestyle events to make use of the historic site, she said.

And, of course, it makes sense to have MRT users living nearby.

This is especially true for the thinly populated Keppel Station area. It is poised to be the gateway to the Southern Waterfront City and so it should see more residential and integrated residential and commercial developments, said Ms Li.

Few commercial projects are in the area, as it is in a comprehensive redevelopment zone – all to be under the Government Land Sales (GLS) programme when Keppel docklands move out, said Mr Alan Cheong, Savills Singapore research head.

So far, no GLS sites on the confirmed or reserve list are near the stations, but some mixed-development sites could be added in GLS programmes, he said.

But given the large supply of office space due from next year to 2018, it will be tough to get bidders excited about large office blocks.

This article first appeared in The Straits Times