In a bold move that showcases the Urban Redevelopment Authority's visionary approach, one-north is set to undergo a transformative shift as it transitions into a thriving residential hub.
With a strategic rezoning proposal and increased plot ratio, this ambitious plan aims to meet the rising demand for high-rise housing in the area. This is very timely as the success of One North Eden and now Blossoms by the Park really showcased the popularity of One North area as a residential area.
As a key player in Singapore's economy, the development of one-north's healthcare, biomedical, and Information and Communications Technology sectors will be further enhanced, making this project a compelling opportunity for local and foreign investors.
The Rezoning Proposal: Converting One-North's Business-Park Land Into Residential
As part of URA's plan to meet the increasing housing demand in one-north, a rezoning proposal has been put forth to convert the business-park land in the area into residential use. This proposal has significant implications for local businesses and requires careful consideration of infrastructure and transportation.
Converting the business-park land into residential areas could have both positive and negative impacts on local businesses. On one hand, the presence of more residents could provide a boost to the local economy and increase customer traffic for businesses. On the other hand, the loss of business-park land may disrupt existing business operations and potentially lead to a relocation of businesses.
Additionally, the rezoning proposal necessitates a comprehensive assessment of infrastructure and transportation considerations. The increased residential development will require adequate transportation networks and amenities to support the growing population. This includes ensuring efficient public transportation options and the availability of necessary facilities such as schools, healthcare centers, and retail establishments. Luckily, Blossoms by the Park is close to many good schools too.
High-Rise Housing Development at Media Circle: URA's Ambitious Plan
The URA's ambitious plan involves the development of a high-rise housing project at Media Circle, which aims to accommodate approximately 250 to 310 units. Back in June, there is already a GLS land sale at Media Circle.
This move towards high-rise housing raises the question of high rise housing versus low rise housing and its impact on the surrounding infrastructure.
High-rise housing offers the advantage of maximizing land use efficiency and increasing density in urban areas. It allows for more units to be built within a smaller footprint, which can help to address the housing demand in one-north.
However, the increase in population density may put pressure on the existing infrastructure, such as transportation systems and amenities. Therefore, careful planning and consideration of the impact on surrounding infrastructure will be crucial in implementing the high-rise housing development at Media Circle.
Meeting Housing Demand: Ura's Strategy for One-North
In order to address the growing housing demand in one-north, URA has devised a comprehensive strategy that focuses on the development of high-rise residential projects and the rezoning of land parcels.
URA's rezoning strategy has the potential to impact local businesses in the area. The proposal to rezone land parcels for residential use may raise concerns among existing businesses, as it could lead to the displacement or relocation of these establishments.
Additionally, the rezoning proposal may face challenges regarding infrastructure development and the provision of amenities to support the increased population.
It is crucial for URA to address these concerns and challenges in order to ensure a smooth transition to a residential hub in one-north.
Increased Plot Ratio: Building More Homes in One-North
To meet the growing demand for housing in one-north, URA plans to increase the plot ratio, allowing for the construction of more homes in the area. The increased plot ratio will maximize land usage efficiently, making it possible to accommodate a larger number of residential units.
This move is in line with URA's strategy to address the housing needs in one-north. However, there are challenges in rezoning business park land into residential areas. Balancing economic development with housing needs is crucial to ensure the sustainability of the area.
The transformation of one-north into a residential hub should consider the impact on the existing businesses and the overall economic ecosystem. Careful planning and collaboration between the government and stakeholders are necessary to strike a balance and create a vibrant and sustainable community.
Private Development Potential: Attracting Local and Foreign Investors
The private development potential of One-North presents an enticing opportunity for local and foreign investors looking to capitalize on the transformation of the area into a residential hub. With the proposed rezoning and increased plot ratio, there is significant potential for the development of high-density residential housing. This not only addresses the increasing demand for housing in the area but also attracts investors interested in properties catering to the healthcare and biomedical sectors, which are key pillars of Singapore's economy.
The growth and development of these sectors have a positive economic impact, creating job opportunities and attracting global pharmaceutical companies and investments. Additionally, the mixed-use environment of One-North enhances convenience and accessibility, promoting work-life balance and fostering collaboration and innovation.
These factors, along with the diverse housing options and amenities, make One-North an attractive investment opportunity for both local and foreign investors.
Benefits of Residential Development: Boosting Healthcare and Biomedical Sectors
Residential development in one-north not only enhances work-life balance for professionals in the healthcare and biomedical sectors but also attracts local and foreign investors interested in properties catering to these industries.
The growth of residential properties in the one-north area has a significant impact on the healthcare and biomedical sectors. Professionals in these sectors benefit from the convenience and accessibility of living close to their workplace, leading to improved work-life balance.
Additionally, the presence of high-quality residential properties attracts investors who see the potential for growth and profitability in these industries. This, in turn, contributes to the overall development and expansion of the healthcare and biomedical sectors.
With Singapore's focus on becoming a global hub for healthcare and biomedical research, residential development plays a crucial role in boosting these sectors and attracting investors.
Importance of Information and Communications Technology Sector in One-North
Playing a crucial role in Singapore's economy, the information and communications technology (ICT) sector in One-North contributes to innovation and technological advancements, attracting foreign investments and talents, and providing job opportunities for Singaporeans.
The importance of digital infrastructure in One-North cannot be underestimated, as it supports the growth and development of the ICT sector.
With the transformation of One-North into a residential hub, there will be an impact on transportation in the area. The influx of residents will require efficient transportation systems to accommodate their needs. This will necessitate the improvement of existing transportation infrastructure and the development of new ones to ensure smooth connectivity within and outside of One-North.
Key Role of Biomedical Sector in Singapore's Economy
With its significant contribution to healthcare advancements and creation of high-value job opportunities, the biomedical sector plays a crucial role in Singapore's economy.
The sector's role in research and development (R&D) is particularly important, as it drives medical innovation and fosters the development of new treatments and technologies. Singapore has established itself as a regional hub for biomedical R&D, attracting global pharmaceutical companies and investments.
The economic impact of the biomedical sector is substantial, with a direct contribution of SGD 7.3 billion to the country's GDP in 2019. Additionally, the sector provides employment opportunities for over 25,000 professionals in areas such as biomedical engineering, biotechnology, and pharmaceuticals.
The government's continued support for the sector through initiatives like the Biomedical Sciences Industry Transformation Map further reinforces its significance in Singapore's economy.
Benefits of Mixed-Use Environments and Evolving Housing Needs in One-North
Enhancing convenience and accessibility, mixed-use environments in One-North foster collaboration and innovation among different industries.
These environments promote work-life balance by providing a diverse range of amenities and facilities within residential areas.
By integrating residential, commercial, and recreational spaces, mixed-use developments in One-North create vibrant and sustainable communities. A good example of how Blossoms by the Park is near to shopping places such as Star Vista and Holland Village too.
They support the growth of various industries, including the healthcare and biomedical sectors, by attracting local and foreign investors interested in properties catering to these sectors.
Additionally, there is an increasing demand for affordable housing and a growing preference for mixed-use developments in the area.
To meet evolving housing needs, it is crucial to provide diverse housing options that cater to different lifestyles.
This will not only support sustainable communities but also contribute to the overall growth and development of One-North.
In conclusion, the proposed transformation of one-north into a residential hub presents a significant opportunity for investors and contributes to the growth and development of the healthcare, biomedical, and information and communications technology sectors.
The rezoning plan and increased plot ratio will accommodate the rising demand for high-rise housing in the area, enhancing the work-life balance for professionals.
This bold move by URA symbolizes Singapore's commitment to meeting housing needs and fostering economic growth in key industries.
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