SINGAPORE Trends and Developments Contributed by: Monica Yip and Dorothy Marie Ng, WongPartnership
URA Draft Master Plan 2025 The URA Master Plan is a plan for the use of land in Singapore issued by the Urban Rede - velopment Authority (URA). This plan is typically revised every five years. As part of its “long- term plan review” , in 2021, the URA launched its engagement with the public, leading to the URA’s release of the Draft Master Plan 2025 (DMP 2025) in October 2024. The DMP 2025 serves to implement the land use strategies developed as a result of such engagement for the next ten to 15 years and is scheduled to be launched in June 2025. As a statutory document prescribing allowable land-use and development restrictions of vari - ous parcels of land in Singapore, the URA Mas - ter Plan is a critical resource for market players exploring possible investment and redevelop - ment options. It is a key tool for understanding how areas in land-scarce Singapore are allocat - ed to achieve long-term objectives in housing, commerce and industry. One key focus under the DMP 2025 is the decentralised business nodes, which are intend - ed to provide sustainable and integrated nodes combining business, residential and recreational spaces with good connectivity, whilst remaining economically competitive. This further enables the decentralisation strategy first introduced in 1991, which aimed to redistribute economic activities to the suburbs and create more diversi - fied work environments. Some prominent com - mercial nodes outside of the CBD that have developed since then include Novena Fringe Centre and Paya Lebar Central, which are now vibrant office clusters. More recently, there has been a concerted effort to develop the Jurong Lake District into Singapore’s largest commer - cial district outside of the CBD.
As new zoning and development regulations described in the DMP 2025 may affect the operations and investment strategies of busi - nesses, market players and stakeholders are encouraged to review the DMP 2025 to assess any impact it may have on their business plans. Smart Nation 2.0 In addition to the usual brick and mortar activi - ties, Singapore’s continued vision towards a Smart Nation, liveability and sustainability issues such as energy and carbon savings, efficiencies and accessibility will increasingly influence the way businesses are conducted and the proper - ties within which they do so. In 2024, Singapore launched its first Smart Nation business district, Punggol Digital District (PDD). This mixed-use development is owned by the statutory body JTC Corporation, which has leased spaces, including buildings and por - tions of buildings, to two of Singapore’s local banks, government agencies, food operators, and research and development companies, and will include the Singapore Institute of Technology campus. Powered by the Open Digital Platform (which connects multiple smart systems in the buildings as well as the district) and several other sustainable infrastructure features, PDD will be Singapore’s largest mixed-use district to achieve the Platinum Green Mark. Conclusion As firms and individuals face an unpredictable global economic landscape in 2025, the out - look for the real estate market is likely to vary depending on the sectors. Whilst tariffs will dominate discussions and research, the impact remains uncertain and risks of potential job cuts and a slowdown in the economy will remain. Some real estate play -
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