Greater Southern Waterfront expansion could be boon for hospitality REITs

PM Lee unveiled plans to add more residential and commercial spaces in GSW.

Hospitality REITs will benefit from government initiatives to develop new tourism attractions at Sentosa, Pulau Brani and the Greater Southern Waterfront (GSW), according to UOB Kay Hian.

The report noted that Pulau Brani has a sizeable land area of 122 ha and could house a theme park and NTUC’s new resort called Downtown South. Also, GSW is a continuous 30-km waterfront corridor stretching from Gardens By The Bay East to Pasir Panjang. It is created by the relocation of City Terminals (Tanjong Pagar and Pulau Brani) and Pasir Panjang Terminal to Tuas Mega Port, which frees up 325 ha and 600 ha of waterfront land, respectively.

Furthermore, Prime Minister (PM) Lee Hsien Loong talked about GSW during the National Day Rally. He said that "after Brani Terminal moves out, we will develop Pulau Brani together with Sentosa." He also said, "we will build new attractions on Pulau Brani, just like we have Universal Studio on Sentosa."

Besides the planned theme park, PM Lee also shared that the National Trade Union Congress (NTUC) will build a new resort called Downtown South on Pulau Brani.

GSW will be linked up with surrounding green areas from West Coast Park to East Coast Park, which runs through Kent Ridge Park, Southern Ridges and Mount Faber Park. These green spaces at the heart of Singapore will also be connected to the Rail Corridor and Sentosa.

Plans are also underway to provide easy access to Mount Faber and the 10-km-long Southern Ridges. A new funicular system was designed to bring visitors from the foothills to the hilltop and cable car station by 2023.