In June of this year (2022), the Urban Redevelopment Authority (URA) announced a major upgrading strategy for the Central Area. It’s well known that to create such a vibrant 24/7 lifestyle destination, more residential communities must be built. The three areas identified in the URA’s upgrading strategy include:
- Pleasant hill living at York Hill and Pearl’s Hill;
- Waterfront housing along Rochor Canal;
- An urban community in Marina South.
Another key strategy is to connect parks and outdoor spaces by “enhancing existing green and blue spaces,” such as upgrading Fort Canning Park, Gardens by the Bay, the Singapore River, Marina Bay, the Botanic Gardens, and Pearl’s Hill City Park. The URA’s plan is to transform Orchard Road into a “lush green corridor” connecting the Botanic Gardens and Fort Canning Park.
The URA also hopes to encourage low-carbon, car-lite mobility by providing cycling paths that connect to MRT stations. Another goal of this initiative is to create inclusive spaces in Singapore, linking the arts, culture, and heritage of areas like Bras Basah Complex, Bugis, Little India, Chinatown, and Kampong Glam.
Leo Kwek, a veteran local real estate agent at AnjiaSG, states that given its geographical location, Outram is set to benefit from the URA’s major upgrading strategy.
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Transition Point
As part of Singapore’s Central Area, Outram covers an area of 136.2 hectares, larger than Gardens by the Bay (101 hectares) but smaller than the Bukit Timah Nature Reserve (163 hectares). Outram is bordered by the Central Business District, Tanjong Pagar, and Cantonment Road-Outram Road.
Outram comprises four subzones: Pearl’s Hill, People’s Park, China Square, and Chinatown. According to the 2020 Singapore Census of Population, Outram has a population of approximately 18,430. From a real estate and housing perspective, about 59% of residents are owner-occupiers, while 40% are tenants.
“Outram serves as a transition point from the office buildings of the CBD to the high-end condos in the Robertson Quay, River Valley areas, and the heartlands of Bukit Merah,” says Leo Kwek.
Outram has two hills: Pearl’s Hill and York Hill. York Hill is mostly comprised of affordable HDB flats. Pearl’s Hill Terrace was formerly the location of the Singapore Police Force, housing police units including the Operations Command, Radio Division, Criminal Investigation Department, and Police National Service Department. Today, the buildings on Pearl’s Hill Terrace have been transformed into a vibrant arts district.
In the past, Pearl’s Hill was home to the early buildings of many institutions. These included the Seamen’s Hospital, Tan Tock Seng Hospital, and one of Singapore’s earliest prisons, Pearl’s Hill Prison (also known as Outram Road Gaol).
Today, the prison complex on Pearl’s Hill has long been demolished and was replaced in 1970 by public housing and a shopping center—the Outram Park Complex. The complex was one of the largest public housing projects built by the URA. At 103 meters (338 feet) tall, the 31-storey complex was the first of its kind in Southeast Asia and set the model for subsequent retail developments in Singapore. The complex was demolished in 2003 for redevelopment.
Hotel Re! on Pearl’s Hill is said to be the first hotel converted from a primary school building (Pearl’s Hill School). In 1971, this school was the highest-altitude school in all of Singapore.
Redevelopment and Revitalization
Adjacent to People’s Park Complex is the 38-storey Pearl Bank Apartments. This horseshoe-shaped building with 288 units was the tallest residential building in Singapore when it was completed in June 1976. After four failed collective sale attempts—one of which aimed to conserve the building—Pearl Bank Apartments was sold en bloc to CapitaLand in February 2018 for S$728 million. CapitaLand is redeveloping the site into a new 774-unit private condominium project, One Pearl Bank.
Condo Information:
The Outram area has embarked on a path of further rejuvenation. Riding the wave of the previous collective sale fever before the implementation of property cooling measures in July 2018, several en bloc transactions took place in Outram in 2018.
Chinatown Plaza on Craig Road, a freehold mixed-use development, was sold en bloc in February 2018 for S$268 million to Royal Golden Eagle, a group controlled by Indonesian tycoon Sukanto Tanoto. The luxury hotel Mondrian Singapore, with 300 rooms and suites, is currently under construction and is expected to open in 2023. Mondrian Singapore will be the first Mondrian-branded hotel in the Lion City, managed by Accor.
Meanwhile, Landmark Tower on Chin Swee Road was sold en bloc in May 2018 for S$286 million to a consortium comprising SSLE Development, ZACD Group, and MCC Land. After redevelopment, the 396-unit The Landmark began sales in November 2020.
Condo Information:
In August 2021, the car park of People’s Park Centre in Chinatown was acquired by Lucky Pinnacle, a subsidiary of Far East Organization, for S$39.3 million. The car park’s strata area of 182,340 sq ft represents 26% of the total strata area of People’s Park Centre. This gives the new owner a decisive stake in any future collective sale. People’s Park Centre, a strata-titled mixed-use development with apartments and a shopping mall, was built in 1972. It was put up for collective sale with a reserve price of S$1.8 billion, with the tender closing on August 18. No developers participated in the collective sale bid. The real estate consultancy ERA, which is handling the sale, will conduct private negotiations with some interested developers over the next 10 weeks.
Singapore General Hospital (SGH) Campus
Another major development for the upgrading of Outram is the 20-year Master Plan for the Singapore General Hospital (SGH) Campus. The plan was unveiled by Prime Minister Lee Hsien Loong in 2016. The 43-hectare campus will be transformed into a “vibrant public ecosystem where patient care, research, and education are interconnected and integrated.”
In partnership with the Singhealth Duke-NUS Global Health Institute, the SGH Campus will be able to provide a range of healthcare services. They currently meet 33% of the nation’s healthcare needs. To meet the growing healthcare demands beyond 2030, the Master Plan will expand existing capacity by intensifying land use. Upon completion, patient care and other healthcare-related facilities will occupy 60% of the 43-hectare campus. Social and recreational facilities will also be built on the new campus.
The new facilities under construction within the SGH Campus are an excellent sign for future owner-occupiers and property investors in the Outram area. According to Singapore’s property market trends, condominium prices in the Outram area have been steadily increasing over the past decade, reaching a high of S$2,413 per square foot. Existing condo rental rates in the Outram area range from S$3.70 to S$5.70 per square foot per month.
Triple-Line MRT Interchange and Pearl’s Hill City Park Upgrade
A massive transformation is taking place at Outram Park MRT Station, located at the junction of Outram Road, Eu Tong Sen Street, and New Bridge Road. Currently, the station is an interchange for the East-West Line and the North-East Line. In 2012, the Land Transport Authority compulsorily acquired Pearl’s Centre, making it possible for the Thomson-East Coast Line to pass through the Outram area. The owners received S$450 million in compensation.
A decade later, the 11 stations of the Thomson-East Coast Line Stage 3, including Outram Park MRT Station, will officially open next month (November 13, 2022).
“At that time, Outram Park MRT Station will become one of the few triple-line interchange stations,” says Leo Kwek. “This will significantly enhance the connectivity of the Outram area, making travel to and from the city center faster and more convenient.”
Future residents of One Pearl Bank will be major beneficiaries, as the project is just a five-minute walk from Outram Park MRT Station and has a direct sheltered linkway to the station. The developer, CapitaLand, has also set aside a side gate for the project that provides direct access to Pearl’s Hill City Park.
Pearl’s Hill City Park is currently undergoing construction, adding a new playground and social spaces for the public to gather. This is part of the government’s plan to “inject more green and blue spaces into the built environment” and is part of the vision to transform Singapore into a “City in Nature.”
In the future, people will experience a seamless “hill-to-hill” connection—from Fort Canning Park via the Singapore River directly to Pearl’s Hill City Park.
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