When the news broke, many disbelieved it to be some prank, but rumours started 2 years ago that the government may acquire land in the Marymount Terrace area to make way for a new highway. Residences in Marymount Terrace woke up when they received official notices on Wednesday morning giving them till January 2013 to move out.
The last exercise involving land acquisition for an expressway was for the Kallang-Paya Lebar Expressway (KPE), that saw a few cases of unhappiness, unwilling tenants some which needed to be forcefully evicted. The KPE now popularly used by those living in the North East of Singapore, namely those in the Hougang, Punggol and SengKang area.
The new North South Expressway which sees 25 terrace, nunnery, a nursing home, offices and industrial estates taken out to make way for its construction. Though a boon for businesses and residences living in the north of Singapore, and definitely easing the heavy strain on the CTE, reducing the traffic jams despite ERP charges.
What this means to you
Properties in the north of Singapore, will become more attractive, given that it is one of the last few areas of Singapore that isn’t too closeted by our ever expanding concrete landscape, but it seems soon that one of the last few frontiers may soon be lost as well. Residents of Marymount Terrace, my sympathies goes out to you, but as with all government acquisition exercises, they rather hurt a small group for the larger benefit of the many. For businesses in Sin Ming area – like the new Mid View City and the older industrial area of Jalan Peminpin, will see renewed interest due to greater convenience as a result of this connectivity.
For properties in the Yio Chu Kang area affected by this – namely The Seletaris in Sembawang, Nuovo, Bullion Park and Castle Green, its not that bad, well you won’t need to move out of your condo, unlike the residents of the 25 acquired terrace houses, the loss of some of the common areas and space, just means that when you go for enbloc sale, there is less for you to gain. But I doubt the effect on the overall share value per unit will differ to such great an extent, it will be more of a psychological impact than a real impact.
When work starts in 2013, be sure that there will be lots of inconvenience, unhappiness, traffic jams and disgruntled residents of houses in the vicinity of the construction. Slowly but surely all these unhappiness will disappear once the new expressway is completed and gone when it is fully operational. When that happens, the prices of property in the areas linked to the new North South Expressway will rise slowly.