Pictured above is the former Paya Lebar Airport - The Paya Lebar Airbase is Singapore’s former international airport. The airport first opened in 1955, and was one of the finest in Asia at the time. © S W Singapore (Circas 1970s).
2030. The year 2030 will be the year when the current Paya Lebar Airport will be relocated.
This relocation or clearing of land will give way to many developmental opportunities in the area. For perspective, the surrounding industrial area would be 5 times the size of Toa Payoh Town.
So what does this mean for you? What does this mean for us? One of the more popular questions many buyers and sellers asks us is: "Will property prices appreciate and increase in the area?”
Frankly speaking, no one can say for certain. We can however make guesses and share our personal opinion on the matter. What we can guess — and again, this is entirely what our team feels based on our experiences in the industry, and is by no means the foundation on which you base your next property purchase on, is that yes, the prices will appreciate.
We believe that the plot ratio of some of the areas within and among the surrounding area will increase. Especially those along the current flight path of the current Paya Lebar Airport.
For those who may not be familiar with what a plot ratio is, it is basically how high a developer is allowed to build their building based on the size and plot of the land the building is being erected on.
We previously shared about Brandon's Home Journey where one of his worries was about the concept that if he sold high, he would have to purchase his next home high as well. Learning about the relocation of the Paya Lebar Airport after studying the URA masterplan, the Ubi and Paya Lebar area would be a perfect example where there might not currently be as high a demand for the price yet, and hence Brandon would be able to sell high, yet purchase at a reasonable pricepoint.
However, based on past market trends and announcements, when 2030 does come around and the development plan for the old Paya Lebar Airport is announced, the demand for houses in that area may sky rocket.
Again, under the caveat that no one can predict the future, if you're in the market to purchase or sell your property, we strongly recommend accessing the Master Plan in Singapore to be best informed with any decision you may make.
Alternatively, you can always reach out to us for a quick consult on your plans and we can share our expertise on the topic.