The areas around three new MRT stations announced may be sleepy now, but expect this to change down the track. Especially Cantonment MRT for Sky Everton Spottiswoode Estate.
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. Sky Everton Spottiswoode will be nearby to these new stations.
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.
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.
The new stations also bode well, longer term, for nearby properties.
On the residential side, these include Spottiswoode 18, Spottiswoode Residences, The Beacon and HDB estate Spottiswoode Park near Cantonment Station. 76 Shenton, completed last year, and Lumiere are near Prince Edward Station, noted R’ST Research director Ong Kah Seng. The latest development in the area is Sky Everton (Freehold)
The closest condos to Keppel Station are The Pearl@Mount Faber and Mount Faber Lodge.
“Sales activity has been quite sluggish in the three areas from last year due to the total debt servicing ratio. The areas are also not typical public housing estates. where there are many upgraders from nearby HDB estates,” Mr Ong said.
But prices should rise as completion of the stations nears, he noted.
Source: Straits Time