Project Jewel – What’s In it For Property Investors And Singaporeans?
Project Jewel Singapore became a bust line when PM Lee announced this S$1.5billion project during National Rally 2013. Being a Singaporean, I am quite proud to hear this out of the blue and yet innovative property development at Changi Airport. In fact, i just took my family for a leisure outing at Changi Budget Terminal 3 yesterday and I happened to take the monorail, passing this intended site of Project Jewel, i.e. the existing carpark of Changi Airport Terminal 1. That aroused my interest to write an article on Project Jewel and it actually make some changes in my property investment perspective.
So what is exactly this Project Jewel?
Project Jewel is a world class property development jointly led by Changi Airport Group (CAG) and CapitaMalls Asia over the existing car park site of Changi Airport Terminal 1. As part of the medium term strategies, Project Jewel can be jolly well the trump card for Singapore Government to strengthen Changi Airport as an international air hub as well as to spur the growth of tourist visits to Singapore. In my opinion, Project Jewel is poised to be another successful uniquely Singapore landmark and a must go tourists’ place of interest apart of Marina Sands Integrated Resort by end of 2018.
Source : Capitamalls Asia
This uniquely Singapore landmark has a combined feature of our Garden By the Bay like architectural design structure which has a spacious indoor garden about 238,000 sqft and a central water fall of about 40 metres in height , a shopping centre with a wide range of local F&B offerings and branded retail stores as well as an airport cum hotel facilities. Project Jewel will be built besides T1 and acting as a connection hub as well for the various Changi Airport Terminals including the new Terminal 4.
Benefits of Project Jewel
1. To boost our retail sector economy by having a world class mix of branded retail stores.
2. To boost the number of tourist visits including those passengers who are in the transit at Singapore Changi Airport, i.e. > 50 millions tourists and international travellers
3. To serves as a lifestyle destination for local residents especially those who stay or work in the north east and eastern part of Singapore, i.. approximately about a quarter population of Singapore. By the way, the population of Tampines Town and Sengkang Town are approximately 259,000 and 189,000 respectively. This will certainly serve as a big nearby catchment area for Project Jewel.
4. This may be another important benefit to us as property investors because it may bring up the property values especially those in the eastern part of Singapore e.g. those private properties near East Coast Road, Parkway Parade and Bedok Mall. These areas will be also well connected with Eastern Region line to the Changi Airport station.
By end of Dec 2018, we shall see this uniquely Singapore – Project Jewel lives to its expectation to benefit Singapore as a whole. If you have been to Changi Budget Terminal 3 for leisure shopping and dining, it is not hard to guess that Singaporeans will flock over to Project Jewel for their weekend getaways.
Project Jewel Singapore Poll ( Cast Your Vote at the right widget; Refresh if you are seeing other polls)
Will Project Jewel helps to boost the value of Properties at the east?
Project Jewel Singapore Site At Changi Airport (photo updated 22 Nov 2014)
I look forward to see the best local Singapore food delicacies to be offered there as this will make convenience to both of our tourists and fellow Singaporeans. This will keep them coming to Project Jewel and at least for my family.