As Singapore plans the ambitious Long Island reclamation project off the East Coast, property analysts anticipate a mix of public and private properties, potentially accommodating up to 60,000 new homes. While no concrete plans are in place, the development could significantly transform the area, offering more opportunities for waterfront living and job creation.
The government’s announcement to initiate technical studies for Long Island raises questions about the impact on existing properties, including potential obstruction of sea views and changes in property prices. The coastal protection measures integrated with reclamation plans aim to safeguard against rising sea levels, but the specifics of the development plan remain unknown until its expected revelation around 2030.
Analysts, including Christine Sun from OrangeTee & Tie and Lee Sze Teck from Huttons Asia, suggest a mix of public and private housing, recreational facilities, nature spots, and green belts. While Lee Sze Teck emphasizes the likelihood of more land allocated for public housing, private developments along the East Coast, particularly freehold estates, may benefit from future developments, possibly increasing the potential for en-bloc.
Despite potential benefits, analysts caution that views from lower-level homes may be obstructed, impacting existing homeowners. The transformation of East Coast Park into a freshwater reservoir and the creation of coastal paths are seen as positive measures to preserve current properties facing flooding risks.
The master plan for Long Island is expected to be unveiled in 2030, with construction taking place years later. The environmental and market impact will depend on factors such as building types, height, and setback from existing coastlines.
As the Long Island project unfolds, it is crucial to monitor its implications for existing properties and the overall real estate landscape in the East Coast region.