Sunday, January 27, 2008
http://www.channelnewsasia.com/stories/singaporelocalnews/view/325124/1/.htmlSummary of the article:
The Urban Redevelopment Authority (URA) has unveiled a S$19m design plan to build a coastal promenade and park in the Woodlands neighbourhood. A nine-hectare park will be created from vacant land along the coastline, featuring playgrounds, picnic areas and nature trails to cater to different recreational needs.Construction of the Woodlands Waterfront will begin by the middle of this year and is expected to be completed by the middle of 2010.
The Woodlands Waterfront is also something Dr Tony Tan, an ex-MP of the area, will definitely look forward to as it was his dream to have it.
"He shared his dream of using the waterfront....bring in water sports, water activities, and let the residents enjoy the waterfront and have a good view of Johor Baru, our closest neighbour. It has been one of his (Dr Tony Tan's) dreams for Sembawang," revealed Health Minister Khaw Boon Wan, who is an MP for Sembawang GRC.
How it links to econs:
In this article, we can look at the concept of opportunity cost which is the next best alternative foregone. In this case, $19million is going to be spent on building the waterfront oasis, and this money as well as the land could have been used for building other kinds of amenities like hospitals. However, since the govt has decided to build this waterfront oasis, the marginal benefit must have exceeded the marginal cost, and this is where rational decision making comes into play.
Some benefits include the ability to bring in water sports and water activities. This might make the Woodlands Waterfront a popular place for water-related sports and competitions in future and this in turn will attract investors helping to boost this aspect of the economy. Furthermore, building the Woodlands Waterfront allows resources to be fully utilised since the land it is going to be built on was vacant in the first place.
Done by: Anthony
4:46 PM
