Singapore City Living - Your Home in the Central Business District

A Case Study
7 June 2012

Singapore is the Most Livable City for Asian Expats

Singapore has been ranked the 3rd most liveable city worldwide, coming in behind Geneva and Zurich in the Global Liveable Cities Index, a study which started in 2008, commissioned by the Centre for Liveable Cities (CLC), which was set up by the Ministry of National Development and the Ministry of the Environment and Water Resources. This study evaluated 64 cities based on 5 categories and cover a comprehensive 135 indicators, but still by no means complete.

These preliminary findings of the index was unveiled at the World Cities Summit 2010 shows Singapore making top five in 4 of the 5 categories which help Singapore to fare well.

Fast forward to 2012, in a survey by ECA International, shows that Singapore is the best place to live for Asian Expatriates. ECA International is the world's leader in the development and provision of solutions for the management and assignment of employees around the world. Updated annually, ECA International's Location Ratings system helps companies to establish appropriate expats allowances to compensate for the level of adjustment required to complete an assignment in the respective countries.

The survey include factors like climate, availability of health services, housing and utilities, isolation, access to a social network and leisure facilities, infrastructure, personal safety, political tensions and air quality. Because of the high standard of these qualities in Singapore, most companies are likely to provide just a low allowance or none at all for expats in Singapore.

Turning old CBD offices into prime new homes

To make Singapore a even more liveable city for Singaporeans and also Expats from all over the world, Mr Mah Bow Tan, Minister for National Developement mention at the URA Corporate Seminar that Singapore have plans to bring more jobs closer to home. From 2010, more than one million square feet of office space in the Central Business District was given approval by URA to change the Land Use type to convert them into at least 1000 private homes until 2013.

As the Marina Bay financial district take distinct shape with iconic residential development like The Sail @ Marina Bay, developer are looking to recycle older office buildings in the current CBD in anticipation of business activity moving to the new hotspot. City Developments was mentioned that they were looking to see if it could convert any of its office buildings in the Tanjong Pagar area into residential use. Mixed use development have since being approved with projects like UIC Building on Shenton Way which will be converted to Five on Shenton (V on Shenton). Eon Shenton is also one of the project in the area which have obtained license to convert the existing office tower, Marina House, into a mixed used development. Another similar conversions include Starhub Centre on Cuppage Road. CityDev's parent company Hong Leong Holdings have already converted and redeveloped 76 Shenton Way and One Shenton, both converted from office into residential space. Together with projects like Lumiere.

In recent years, city living has become more popular and luxury home prices are expected to continue climbing. But in 2011, as more CBD Office buildings applied or are scheduled for conversion, URA have start acting to prevent hollowing-out office spaces as a few office building owners have been turned down after they had applied to redevelop their properties to predominantly residential use. Till date, URA have approved the following office for redevelopment into residential projects (with or without ground-floor shops) or mixed used development:

• Aviva Building into Cecil Suites
• Natwest Centre into The Clift
• 1 Shenton Way into One Shenton
• HMC Building into Lumiere
• Marina House (70 Shenton Way) into Eon Shenton
• UIC Building into Five on Shenton
• Ong Building into 76 Shenton
• VTB Building into Robinson Suites

With this conversions, have aid in rejuvenating the old CBD and injecting life into the financial district after office hours.

Marina House (70 Shenton Way) is one of the development approved for redevelopment into a 40/60 residential/commercial project (mixed use development) into Eon Shenton.



© Copyright 2012, JoelGoh.com This case study is prepared by Joel Goh (CEA Registration No.: R043498E) for the website hosted at the domain www.eonatshenton.com.
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