Most of us in Singapore were hopeful that Malaysia would eventually decide to proceed with the HSR after multiple delays. Singapore had been proactive from the beginning by taking over the Jurong East site occupied by Jurong Country Club, which ceased operations in end 2016, to build the HSR Terminus.
Prior to the announcement, there have been Malaysian media reports that Putrajaya might continue the project without Singapore’s involvement. Hence, the line – which starts in Kuala Lumpur – could end in Johor in Malaysia instead of Jurong East in Singapore.
The proposed HSR line had aimed to reduce travel time between Singapore and Kuala Lumpur to around 90 minutes by train, from the current 11 hours on existing train services.
I still recall that Ivory Heights was in the thick of a massive en bloc deal. Leveraging on the massive Jurong transformation and just minutes away to the potential Jurong East HSR Terminus, it is certainly an attractive proposition for a giant property developer or a consortium to redevelop it into a mega development such as Parc Clematis or Treasure at Tampines. Alas, the residents did not give the 80% approval Ivory Heights needed for the collective sale to happen. However if it did go through, it will be the only one in Jurong in that en bloc wave.
With this fantastic unique selling point now finally extinguished after multiple delays, will there be an impact on Jurong property prices in the near term?