By Wong Siew Ying | POSTED: 12 Sep 2013 12:25 AM | CNA

SINGAPORE

Real Estate Developers’ Association of Singapore (REDAS) says long-term plans revealed by the government recently have opened up “tremendous economic and business opportunities.”

REDAS president Chia Boon Kuah, speaking at their Mid-Autumn Festival luncheon on Wednesday, noted that Tanjong Pagar and Paya Lebar will be the biggest blank slates for REDAS members to work on since Marina Bay.

The government earlier unveiled plans to transform Tanjong Pagar into the next waterfront city when the container ports are relocated to Tuas, after its lease expires in 2027.

More land will also be made available for residential and industrial use in Paya Lebar after the military airbase located there moves to Changi.

REDAS says the future holds “exciting possibilities, even as the property market takes its course through the cycle of business.”

Mr Chia, who is also the chief operating officer at property developer Far East Organisation, had warned in July that the Singapore property market is approaching an inflexion point in the real estate cycle.

Property prices have hit record high levels due to strong demand for homes.

– CNA/ec

http://www.channelnewsasia.com/news/business/singapore/exciting-possibilities-in/810128.html