The Singapore port is in for a major makeover soon which will see other related infrastructural projects being executed and a major boost to real estate markets throughout the region. A contract worth $795 million has been awarded to Penta-Ocean Construction, the Japanese entity and Bachy Soletanche Singapore as part of a new JV (joint venture). This joint project will witness the development of the world’s second biggest port along with a North-South corridor that encompasses 21 kilometres and the building of a new tunnel covering 1.04 kilometres. There will also be various transportation networks including bus stops, walkways and cycling paths which will be located between Novena Rise and Suffolk Walk.
This will be a key development that will boost real estate markets in adjoining areas with better business prospects and improved connectivity. This corridor will be aimed at totally linking people in northern Singapore to the city centre. This will also offer better scope for local communities. Commuting times will be reduced considerably and hence real estate markets should also do well as a result. This will also be the first such corridor to fuse vehicles, buses, cyclists and pedestrians alike.
The project is slated to be completed by the year 2026. Singapore is the second largest port globally after Shanghai as per the World Shipping Council reports. China has already scaled up overall capabilities of its ports and now Singapore is following suit with a mega makeover that will also enhance infrastructure and connectivity throughout the city. Bachy Soletanche are known for creating some of the city’s most efficient transportation links and Penta-Ocean firms are also entrusted with the development of the Thompson-East Coast line and Mass Rapid Transit line in Singapore. The company has now been awarded another vital and game changing project that could lead to several exciting growth opportunities for Singapore over the next few years.
