SINGAPORE Trends and Developments Contributed by: Monica Yip and Dorothy Marie Ng, WongPartnership LLP
Conclusion Whilst the residential property market was somewhat dampened by the introduction of new cooling measures in the first quarter of 2023, interest in well-located residential and commer - cial properties remained strong. The industrial real estate market continued to see keen interest from investors. Notwithstanding uncertainty in the world eco - nomic outlook, the Singapore real estate mar - ket remained resilient, with a number of sectors showing improvement in performance from the previous year. This is expected to grow in 2024. The continuance of efforts by major developers to integrate environmental, social and govern - ance principles in business practices provides promise for sustainable future real estate.
• The launch of the first government land sales tender for the farming of mushrooms and fruited vegetables, intended to increase Singapore’s food resilience and to provide greater choices of local produce. • Master planning for the Lim Chu Kang area – this proposal is led by the Singapore Food Agency with the aim of optimising limited land and transforming the area into a hi-tech agri- food zone. • By introducing the mandatory energy improvement regime, the Building and Con - struction Authority proposes to help certain existing buildings with poor energy perfor - mance to improve by requiring that these buildings undergo energy audits and imple - ment measures to improve energy use inten - sity. This will enhance efforts to decarbonise the built ecosystem and serve to complement the existing requirements for new buildings to obtain and maintain green marks certification. • A coastline-specific proposal to construct “Long Island”, a new island out of reclaimed land, off the east coast of Singapore was unveiled. The proposed 800 hectares, dec - ades-long project will host a reservoir and other residential and recreational spaces for coastal defence. As the city-east coast stretch of coastline includes the central business district as well as other important areas such as Changi Airport, the initiative to protect the east coast shoreline is to take precedence over other locales.
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