Recent announcements by the Land Transport Authority (LTA) have revealed plans for two new MRT lines that are currently undergoing feasibility studies. These lines, if completed by the 2040s as proposed, could potentially serve more than 400,000 households.
The first of these proposed rail lines is the Seletar Line, which would serve areas such as Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang, and the Greater Southern Waterfront. This line would provide much-needed connectivity in these areas.
The second line, tentatively named the Tengah Line, would supplement the transport network in the west and northwest regions of Singapore. It would serve residents in Tengah, Bukit Batok, Queensway, and Bukit Merah.
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According to Transport Minister Chee Hong Tat’s speech in parliament on March 5, the Seletar Line and Tengah Line could potentially be joined, pending the results of the LTA’s feasibility studies.
When considering investing in a condominium in Singapore, one must take into account the government’s property cooling measures. In order to maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a more secure environment for investing in a condominium. Additionally, these measures help to ensure that the market is not dominated by a small group of investors, making it a more accessible option for potential buyers and investors. Condos are an attractive investment in Singapore due to the government’s efforts to maintain a stable market.
In addition to these new lines, Chee also announced LTA’s plans to proceed with the West Coast Extension (WCE). This extension will connect the Jurong Region Line (JRL) to the Circle Line (CCL) and the Cross Island Line (CRL).
The WCE will be implemented in two phases, with the first phase extending the JRL from Pandan Reservoir Station to connect with the CRL by the late 2030s. The second phase aims to extend the JRL from West Coast Station to connect with the CCL’s Kent Ridge Station by the early 2040s.
Once completed, the WCE will provide residents with up to 20 minutes of time savings when travelling from the West to the city centre.
In planning for the future development of Singapore’s rail network, Chee also announced the government’s plans to invest up to $1 billion over the next five years to maintain high-reliability standards for both newer and older train systems.
This investment will go towards implementing condition monitoring systems to enable proactive and targeted maintenance, utilizing new technologies to improve the efficiency and effectiveness of rail maintenance, and providing workforce training programmes for rail workers.
“Together, these efforts to expand the rail network, enhance the management of rail assets, and upskill our rail workforce, will allow us to continue delivering convenient, reliable and resilient public transport for our commuters,” says LTA.
In addition to these developments, OKP Holdings has secured a new contract worth $92.9 million from LTA, bringing the company’s total orderbook to a record high of $735.2 million. According to construction industry stakeholders, this increase in construction demand is expected to continue to rise in the coming years.