NTUC Downtown EAST |  SINGAPORE

NTUC Club engaged AECOM Economics to evaluate opportunities for refreshing and redeveloping Downtown East, a major family-oriented leisure and resort complex in Pasir Ris, Singapore, on a 15 hectare site. The original resort’s focus had shifted, market and competitive conditions evolved, and NTUC sought to enhance its value for its large (600,000+, targeting 1 million) membership base, families, and visitors, amidst strong competition from new attractions and resorts both locally (e.g., Resorts World Sentosa) and regionally (e.g., LEGOLAND Malaysia). The facilities and site layout had become outdated, operations were fragmented, occupancy and attendance were stabilizing or declining, and new competitive projects threatened to erode market share.

The primary objective was to assess business feasibility, inform master planning, and recommend a strategic redevelopment direction for Downtown East that would:

• Integrate and upgrade key components (resort, waterpark, retail, MUCE/events).

• Expand appeal to NTUC members, broader resident market, and regional tourists.

• Ensure financial viability and sustainable returns.

• Address operational constraints and unlock site value.

Scope

Market Research & Analysis

• Assessed visitor, resident, and tourist market segmentation and growth trends.

• Benchmarked DE against regional and international competitors (e.g., waterparks, resorts, retail centers).

• Conducted SWOT analysis, site and facility reviews, and projected future market scenarios.

Strategic Recommendations

• Waterpark: Double size, add indoor/outdoor elements (new hydrojet attraction), maintain “price-value” for families, and target 550,000–630,000 annual attendance.

• Resort: Upgrade Costa Sands DE (CSDE) hotel to 3-star, expand to 350–450 rooms; redevelop Costa Sands Pasir Ris (CSPR) resort with 125–175 villa units.

• Retail/F&B/Entertainment: Expand by 85,000 sqft, create a central hub with family/youth-oriented tenants, focus on dining and value offerings.

• MUCE/Events: Relocate, consolidate, and upgrade; expand to 40,000–45,000 sqft; integrate with resort operations.

• Infrastructure: Expand parking; consolidate BOH, office, and storage; review site circulation and “sense of arrival.”

• Phasing: Envisioned in three main phases: Resort first, then Waterpark and MUCE, finally Retail Village.

Financial Modeling

• Developed operating proformas and IRR calculations for each component. Assessed capital investment needs, financial returns, NOI and EBITDA margins.

• Incorporated industry benchmarks for pricing, attendance, occupancy, spending, and operating costs.

Result

• Increased capacity and attendance across anchor attractions, positioning the project as Singapore’s leading family destination in the East.

• Strengthened NTUC Club’s engagement with members and broader market, leveraging its social mission alongside competitive pricing and new amenities.

• Enhanced financial performance, with improved NOI and EBITDA margins projected for key components (Waterpark, Resort, RDE).

• Flexible phasing strategy allows NTUC to manage investment risk and adapt to market changes.

• Provided a roadmap for place-making, site integration, operational efficiency, and future market capture.

The study’s recommendations provided the foundation for a cohesive, economically sound, and market-driven redevelopment, ensuring Downtown East’s competitiveness and relevance for the coming decade. The project was subsequently redeveloped according to the study’s recommendations.

Brian Jennett was the local liason for the team that conducted the work on this project while employed as a Senior Economist and Urban Planner for EDAW | AECOM.