The government announced the day before yesterday (5) that it will resume about 120 hectares of racecourse land in Kranji in 2027, after which it will be redeveloped for housing purposes, including public housing. The Ministry of National Development is also studying other potential uses such as recreation and entertainment.
Dr. Lee Nai Kiat, head of PropertyGuru Data Technology's Real Estate Intelligence Division, believes that the remote location of the racecourse in Kranji may drive business opportunities in this district in the future as Manly transforms into an integrated wildlife and nature reserve, indirectly increasing the popularity of housing in this district.
"Government HDB housing is definitely one of the pieces, but many people feel that this place is far from the city, universities and commercial areas, and may be less popular. But I'm still bullish on this place because the renovation of the zoo may drive some business opportunities then HDB housing may also be more popular, but it still takes a while."
"We may see some more commercial houses or hotels, the north of the land is closer to Johor, so industrial facilities or office buildings may be built and so on."
The senior analyst of the real estate industry, Mai Jun Rong, believes that the government may have a longer-term plan, or relocate the industrial area near the land of Kranji racecourse to Das, and then plan the whole area into a residential area. Although more remote, but the scenery is excellent, so it is still likely to be welcomed by the country.
"The industrial area is close to the Kranji impoundment, and a little further north it is also close to the strait. If residential properties are built there, many of them will have water and sea views, so they will be very popular."
How will it affect surrounding properties?
But analysts all agree that the government will make careful plans for the Kranji Racecourse land, so the announcement of the expropriation will not have much impact on surrounding property prices in the short term.
Li Naijia said: "Of course people around the area may be very happy and very much expect to see some development blueprints that will raise the house prices, but for the time being, we will not see much impact because the plan is still relatively long-term. The price of the house is when there is a more realistic plan before it will have an impact or rise."
Also chief research officer of property search site Tycoon Real Estate MOGUL.sg, Mak Chun Wing, said there are not many homes around the Kranji Racecourse land at the moment. "If new HDB flats are to be built it may also take at least five to ten years later, so in the short term of three to five years, it will not have an impact on property prices."
Li Naijia believes that the government has announced earlier that it will expropriate some golf courses, and with changing times, expect to see more land that has been phased out or old buildings being expropriated for other uses next.
"In the past, horse racing was a sport watched by many people and there was a close relationship with gambling, but nowadays young people are no longer aware of horse racing. Following the change of the world and the development of technology, the places where I used to see people used to go as a child, often these places need to be changed. The government took the place back very well, will not let the place lose its original function and let it decay."
But Mak Chun-wing believes that with nearly 200 years of history of the Jockey Club and the local horse racing industry to fall, it is inevitable that people regret.
"The racecourse has nearly 200 years of history and it is a bit of a pity that it has to be closed down, an institution with a history will cease to exist. The Horse Racing Guild is part of the British colonial heritage and to close it is a loss to that historic heritage."
