Living by the water is nice. However, change is coming to Asia’s most popular waterfront cities as governments target seafronts and riverbanks as priority areas for urban redevelopment since they can become catalysts for economic revitalisation and boons to land values.
“As the local economies mature and affluence rises, these waterfront properties become increasingly attractive from a recreational and housing point of view,” said Chua Yang Liang, head of research for Southeast Asia and Singapore at Jones Lang LaSalle. “They offer something uniquely different from the typical inland development.”
Like green spaces inland, seaside or riverside developments serve as a highly developed city’s last link to nature, which is a great value proposition to modern property developers. Here are three of the most exciting waterfront projects in Asia.
Hong Kong – Central Harbourfront Redevelopment
The Hong Kong government has plans to rejuvenate the Victoria harbourfront, along the city’s Central district. The move will open previously closed sections of it to the public and the project will take inspiration from the Kwun Tong promenade, built on a cargo working area that had been home to waste paper recycling firms.
Bangkok – Chao Phraya River Projects
Bangkok River Partners, a local nonprofit group, is working with the Thai government and real estate firms to rejuvenate areas along the Chao Phraya River. IconSiam mixed-use development, is the highlight of these efforts. The massive complex will cover a 750,000 square metre stretch that will revamp what is playfully known as the ‘Venice of the East.’
Singapore – Clarke Quay
Clarke Quay continues to lead the way when it comes to waterfront redevelopment in Asia. The successful regeneration has seen an area of warehouses on the Singapore River transformed into one of the most famous commercial and entertainment districts in Asia that brings in an estimated 2 million visitors a year.
This story was originally published on Property-report.com.
