Singapore Edition: a blueprint for a city of the future

Each week we bring you insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here.

This week, Gabrielle Ng looks at how Singapore is trying to adapt its city for an aging population and a hotter world, while Ishika Mookerjee bemoans the pressures that could make air travel even more expensive.

New Communities

Almost two months after a resounding victory at the polls, Prime Minister Lawrence Wong's government unveiled its blueprint for how the city will develop over the next 10-15 years.

The Urban Redevelopment Authority's wide-ranging document includes plans to build a series of new communities across the island, with more than 80,000 new public and private homes, as well as new hospitals, preschools, parks and community sports centers.

The plan gives a broad outline of how the government will meet Wong's promise in a parliamentary speech in Feburary that "we will build enough housing for every Singaporean household." Several of the major redevelopment projects are in the center of the island, an area where scarcity and demand have caused prices to skyrocket over the past decade.

Notably, the vast majority of the proposed new homes are on former sports facilities, like the old Keppel Club golf course on the south coast, the former Turf Club racecourse in Kranji, which held its final race last October, and the rugby and sports fields next to Turf City.

The Marina Bay Golf Course before it closed in 2024. Most of the new public and private homes planned over the next decade will be built on former sports facilities. Photographer: Wei Leng Tay

In the details of the URA's report are indications of how Singapore is tackling two other major crises facing advanced economies around the world — climate change and an aging population.

Singapore already has 224 Active Ageing Centres that offer social and recreational events to seniors and more are planned. New housing complexes will have more flats dedicated to the elderly and local authorities are being encouraged to build dementia-friendly neighborhoods, with inclusive amenities and wayfinding aids.

Similarly, Singapore has already announced major efforts to mitigate the effects of rising global temperatures and sea levels. The new plan highlights more steps that will be integrated into the increasingly developed urban landscape, such as an expanded network of "green corridors" connecting parks, and extending cycling paths by 2030 to 1,300 kilometers — 26 times the length of the island.

Ominously, for those who grew up eating their sambal stingray under the stars in the Newton Circus hawker center, the plan mentions that that is one district that will be redeveloped and that older hawker centers will be modernized to become more "climate-friendly." Ah well, that's progress. —Gabrielle Ng and Adam Majendie

Weekend Catch-Up

A selection of the best of Bloomberg storytelling, from podcasts and video to explainers and feature stories.

Read:

Singapore Airlines CEO's pay dropped 14% last year to S$7 million.
Lawrence Wong pledges to deepen ties with China in meeting with Xi Jinping.

Watch:

Xiaomi's new SUV gets 289,000 orders in just one hour.
The US and China race for AI supremacy.

A Hong Kong family dynasty is in turmoil, with no known succession plan and billions in debt. Watch the Bloomberg Originals documentary.

Listen:

What the Israel-Iran conflict means for China.
Lab-grown meat is the fake climate fix that won't die.

Air Pressure

One of the immediate global effects of the US bombing of Iran and Tehran's response was a temporary disruption to air travel in the Middle East and dire warnings of oil costs spiking. Both tend to push air ticket prices higher.

Benchmark oil prices, after spiking above $80 a barrel, have fallen back below $70, but airlines flying between Asia and Europe are still having to find routes that avoid two war zones, increasing fuel consumption. Temporary closures like the one in Dubai only add to the headache.

Singapore Airlines and other carriers try to reduce the risk of volatile oil prices by locking in future fuel costs using financial instruments such as forward contracts and swaps. Still, the greater the risk of disruption in the Middle East and the more volatile the market becomes, the higher the chance that overall fuel costs will rise.

Are air ticket prices heading up? Photographer: Lam Yik/Bloomberg

Regional carriers face an "increasingly challenging operating environment" due to geopolitics, supply chain constraints and more frequent diversions due to airspace closures, Subhas Menon, director general of the Association of Asia Pacific Airlines, warned on Thursday.

Nor is the risk from military conflict the only pressure on airline costs. Tariffs threaten to push up the price of new planes for many international carriers, and airlines are facing a looming challenge in the next few years to meet stricter environmental goals.

In its latest sustainability report this week, SIA highlighted that it could face additional climate-related costs by 2030, such as its participation in a carbon-offset program designed to help eradicate the aviation industry's net emissions.

Add on to that the pressure on airfares from the rebound in travel demand, especially in Asia, and the outlook for air ticket prices looks fairly bleak for holidaymakers. —Ishika Mookerjee

The Review: Coriander Leaf

From the best spots for a business lunch to drinks with the boss, we sample the city's eateries, bars and new experiences.

Chef Samia Ahad opened the first Coriander Leaf a quarter of a century ago and it has been an institution in the Singapore dining scene ever since. In March, the venerable restaurant moved its downtown outlet to the Tanjong Pagar area, bringing its impressive array of dishes from across Asia. There's also a branch in the Singapore Polo Club.

The vibe. The decor is refined, with many of the stylistic elements of its previous City Hall outlet faithfully carried over. I visited on a weekday evening and about two thirds of the tables were occupied, with a sprinkling of rolled-up cuffs and folded jackets suggesting an after-work clientele.

The dining room Source: Coriander Leaf

Can you conduct a meeting here? I went recently with some oil traders, and it was quiet enough to have a good conversation, with tables well spaced. It's also a good lunch location for the offices in the south of the central business district. Still, I'd say it's better for an after-work dinner and drinks.

What about a romantic dinner? Many of the dishes are for sharing, and there are counter seats facing the large glass window for a view onto the local shophouses. There's also a host of bars in the area if you want to extend the evening.

What we'd order again. The winner for me was the sambal stingray, called barbecued ray fin on the menu. They de-bone it for you, which removes the clunky part of eating the fish. The Myanmar-inspired Shan "tofu" is also very good (hint: it's not actual tofu). Order some naan to mop up the sauce. The Nepalese chicken Momo dumpling was another standout, as was the Sri Lankan jackfruit curry.

Charcoal grilled baby lamb chops Source: Coriander Leaf

Need to know. Coriander Leaf is at 20 Craig Road. It's open every day, except Sunday, for lunch and dinner. Including the water, which is chargeable, my group spent about S$60 per person for dinner, without drinks. —Yongchang Chin

Have a place you'd like us to review or feedback to share? Get in touch at [email protected].

Thanks for reading our newsletter! Subscribe here if you haven't already.