Orchard Revamp: Effects on Surrounding Properties
Singapore is continuously evolving and you will see some major constructions and revamping. If you want to witness amazing architecture and beautiful streets then you should definitely visit Singapore. Recently, the revamp of Orchard Road was proposed in 2017 and now actions are being made to take it into effect. About 6 months study will be required and Orchard will be converted from a simple shopping place into a multi-dimensional district. This will have some great effects on the surrounding properties. Here is everything that you need to know about the Orchard road revamp.
What to Expect from the Orchard Revamp
The current insights about the Orchard road revamp are as follows, these are up-to-date highlights:
The plan is to pedestrianised and to go car-free in order to revamp the 2.4km stretch into a more enjoyable and lively street. Part of the road will be pedestrianised for the purpose of connecting green spaces of the Istana Park, Dhoby Ghaut green as well as the open space at Plaza Singapura. The purpose is to turn these into a garden oasis with a sheltered events space and a playground.
Different Offerings at Sub-Precincts
The orchard revamp is subjected to provide different offerings at each of the sub-precincts. All the four sub precincts of the area will be identified by their unique offerings. There will be arts and culture at Tanglin, family-friendly zones at Dhoby Ghaut, experience-based retail at Orchard and a youth hub at Somerset.
There will be mixed-use developments in the future along the Thomson-East Coastline Orchard Interchange Station. The developments will be linked to Orchard road through the side streets.
Elevated Link Bridges
The orchard revamps will provide more elevated link bridges where the Orchard road junctions are with Paterson road. This part of the Orchard is famously frustrating, here the Wheelock Palace is opposite of Shaw House. At the present time, this area has a notorious mess of underground tunnels that are interconnected.
Bring Back the Orchard
The aim of the revamp is to bring back the real orchard. This will be done by the help of green corridor which will be connected from Singapore Botanic Gardens to the Fort Canning Park. There will be planted more trees and shrubs and each sub-precinct will have a different colour palette. This planting programme will be commenced in 2020 and will implement then progressively.
More Fun Activities
The orchard revamps will entail more fun and lively activities that include arts and entertainment events as well as retail and F&B pop-ups. The focus of the orchard road will be broadened beyond shopping that will bring more reasons to tour the road, therefore more concentrated activity hubs will be created and stretching the experience to the surrounding streets will make it in a multi-dimensional per cent.
More details of the Orchard revamp will be unfolded on 13th February, at the exhibition which will be held at the Orchard Fountain Corner. The general public is also invited so that they can give feedback.
How Will the Revamp Affect Properties Along Orchard
Much details are still yet to be discovered, however, the effects that the Orchard revamp will certain to provide to the surrounding properties are as follows.
- Further mixed-use developments will bring more supply in the future.
- Temporary traffic issues
- Better appeal for the families
- Maintain instead of increased property values.
More Mixed-Use Developments Leading to more Supply
Future developments will be done along the Thomson-East coastline, which will bring more supply, though the exact numbers are not known yet. This will result in the increased competition of the tenants among the landlords.
It can also be said that these developments can be more appealing to the tenants than to the units located at the Orchard road. This is because such units will have close proximity to Orchard while being away from the noise and crowd that is at the heart of the shopping belt.
The landlords do not have to be worried because the demand for housing in such central places will always remain strong and will be improved as Orchard will be revamped.
Temporary Traffic Issues
It is worrying that road closures will make the place hard to navigate. Some residents suggest that the Orchard road dissuade shoppers because of the bad traffic and closing the road will worsen the situation. Also, the stretch of the Plaza Singapura is a big road and the people living in will require a long detour.
However, pedestrianising the area will help the traffic a lot. When there will be fewer cars visiting the area than long waiting queues will be eliminated at the traffic lights.
Better Appeal to the Families
The area around Cineleisure and Scape youth park have always been famous for the families that have teenagers. Orchard now lacks the activities for younger children such as playgrounds or community events. However, with the revamp Orchard will appeal more to the families with the Dhoby Ghaut providing a great range of activities for children while Tanglin transforming into an arts and culture area. Landlords who prefer renting out to family units will get benefits.
Maintain, Instead of Raised Property Values
The big question is the property value will increase or not? The answer is yes they will, however, in the same sense that the properties at the central region appreciate with time. The orchard area properties will not suddenly increase because of the changes especially provided that these were sold at peak prices.
The main benefit that these properties will provide is that it will maintain Orchard in a prime area. This will prevent the properties to lose its glamour which was the issue in recent years. Orchard was not working well as a pure shopping destination.
Nevertheless, these revitalization efforts must work because Orchard cannot rely solely on the retail industry as e-commerce is increasing while Singapore is decentralizing. However, the revamp will be loved by the visitors.