Climate Change – Rising sea levels impact Singapore real estate
Instead of marking April as the month where many conversations revolve around climate change and Earth Day resolutions, the younger generation has stepped up and is much more aware of the global warming events occurring in the world today.
Credit needs to be given to technological advancements like mobile applications created to share extreme climate events, and are used to track and report deforestation, which enables awareness on a wider scale. Not forgetting filmmakers who create documentaries, now easily viewable on YouTube and Netflix.
They should be commended for creating eye-opening awareness in a vast range of viewers. The younger generation is determined to make the climate change goal a reality. They are at high risk of losing the earth, our home, to destruction if carbon net-zero levels are not achieved in this century.
In Singapore, the rising sea levels are an obvious threat to social systems and real estate. Since this country is surrounded by sea, the government has started initiatives of adapting to climate change and introducing methods to cope. The Center for Climate Research Singapore (CCRS) says in a report that global warming will exceed 1.5°C – 2°C by the year 2100. As a result, the sea level is virtually certain to continue to rise between 0.3 metres to 1.01 within this century.
The effect of this will be detrimental to this low-lying island city, especially waterfront properties are at high risk of going underwater. Perhaps the fear of sea level rising in these areas is a concern that drives these waterfront bungalow units at Sentosa Cove to be undervalued.
Initiatives of the Singapore government to meet the climate change challenges.
In 2019 the Singapore government announced a budget of S$100 billion dollars for the next 50 years to devise plans and execute them in preparation for rising sea levels. These plans encompass nature-based solutions ranging from reclaiming new islands, building marine life friendly breakwater barriers and introducing mangroves around the coastlines.
These solutions to adapt are very innovative, land reclamation activities are able to re-shape the shoreline creating many man-made islands. These islands will eventually have a naturally formed beach from the effects of tides and waves. These islands are built to allow more time until the sea level rises on the main Sentosa Island.
Another project is to nurture the growth of seagrass along with the coastal sites. Seagrass is an important marine plant that is able to absorb carbon, it can impressively store up to 80,000 tons of carbon (CO²) per square kilometre. That is 3 times more than a rainforest in the same capacity can do. In addition, seagrass is a natural habitat for marine life like juvenile fishes, crabs, seahorses and sea mammals like dugongs. Even more important is that it is found in Singapore waters, especially at Labrador Park, the beaches of Sentosa Island.
Another initiative the island city is taking to fight against global warming is that it has declared that all vehicles on the island will have to be Electric vehicles (EVs) from 2030 onwards, a bold move from the Singapore government again. This goal however is achievable with the many auto companies already manufacturing EVs. Obviously, the results will heavily reduce the use of fossil fuels and divert more energy from solar panels and wind-powered.
Buying opportunity for house hunters
The detrimental effects make Sentosa island’s properties undervalued in many areas mentioned above. And the government’s initiative to rectify the rising level situation thoroughly focuses on this area, This creates a buying opportunity for house hunters who are looking to buy properties in serene surroundings with appreciable value in the future.
The Sentosa bungalows are priced at S$1500 per square foot (psf), much more affordable if compared to a condominium unit in the Rest of Central Region (RCR), which is roughly $1900 psf. These landed homes on Sentosa Island could be the only ones which give their future owner a seafront, resort-style living, spacious and serene home within a gated community.
Although the “work from home” culture peaked during the pandemic, it is seen as being adopted into the endemic stage and beyond. Hence, many Singaporeans and permanent residence holders have bought homes in Sentosa. These homes offer space which can be translated into dedicated areas, for example, a home office, a comfortable living room, and a children’s nursery. Occupants buying in Sentosa will have an exceptional resort living experience.