A step in the right direction, in our view, balancing the economic priorities of housing, commercial and industrial developments with greater emphasis on decentralisation, eco-friendly initiatives and better public accessibility.
Greater priority on integrated and mixed-use developments could benefit larger developers with relevant experience such as CapitaLand, Frasers Centrepoint (F& N), Keppel Land, and City Developments.
Southern Waterfront development with the relocation of the Pasir Panjang and Tanjong Pagar terminals will benefit Mapletree Commercial Trust with its substantial retail and commercial exposure in the area.
Land earmarked for 500,000 new homes, with greater emphasis on HDB estates, will provide new opportunities for HDB construction companies such as United Engineers, Chip Eng Seng, Hock Lian Seng and Tiong Seng, together with HDB estate managers such as Isoteam, and material suppliers such as Hafary.
Opportunities for underground development (eg. 800m pedestrianised street with underground mall at Marina Bay) to benefit specialised underground construction players such as Kori Holdings.
Marina Bay and Marina South to offer new opportunities for office, retail and entertainment amenities that will complement REITs with existing developments in the area, such as Keppel REIT and Suntec REIT. Further development in the Jurong Lake District will be advantageous to CapitaMalls Trust and CapitaMalls Asia.
Development of Woodlands North Coast and Woodlands Central, together with the rail linkage to Malaysia, will generate greater demand for malls and upcoming developments owned by Frasers Centrepoint Trust (eg Causeway Point and Northpoint) and Frasers Centrepoint/F& N.
Benefits to accrue over the medium to long term for the URA Masterplan. We remain cautious in the near term on the residential segment and prefer deep value and diversified property developers such as CapitaLand, Ho Bee and OUE as our top BUYs. (Read Report)  |
