Jurong New Launch Condo

Lakeville Condo

The Jurong Lake District transformation was announced in the draft 2008 Master Plan which will see Jurong Gateway be the largest commercial hub outside the city centre – 2.5 times the size of the Tampines Regional Centre. The centrepiece will be a new world-class Science Centre next to the Chinese Garden MRT.

Since the announcement in 2008, 2 new Executive Condominiums and 5 new Condominiums have sprung up in Jurong. The 5 new condo launches mainly front the Jurong Lake Gardens and are within minutes walk to the Lakeside MRT. 

In 2020, the world was struck by the COVID-19 pandemic and sunk many countries into a recession. Singapore was not spared either but the Government acted swiftly by implementing a slew of economic packages to keep her people employed and tide through the crisis. 

In 2021, our neighbouring country Malaysia decided to terminate the High Speed Rail (HSR) project so that more focus can be diverted towards its efforts to bring the COVID-19 pandemic under control. 

The million dollar question is will the HSR termination have a significant impact on the property prices in Jurong? Those who bought early into the Jurong new launches had the first mover advantage as their properties would have appreciated since their initial purchase. For example, the highest profit recorded to date in Caspian was $843,800 for a 1,485 square feet unit in 2019. 

The highest per square foot record should be in J Gateway at $1,913 psf for a 474 square feet unit in 2018. This condo development is located next to Westgate and Jurong East MRT and obtained its TOP in 2016. 

We have seen old apartment blocks demolished along Yuan Ching Road, a 5 minutes walk to Lakeside MRT. It is a sizeable plot and currently zoned for residential use. This could test developers’ appetite especially after the HSR was scrapped. We have seen on the other end of the island, MCC Land won the tender for a parcel of mix-used land in front of Tanah Merah MRT for $930 per square foot per plot ratio. This will roughly translate to a new launch price of $1,700 to $1,800 psf when the new launch is marketed for sale.

The resale condo prices for Tanah Merah and Lakeside are quite similar and if developers feel that buyers’ sentiments will not be affected by the HSR, we could see the same bidding frenzy and winning bid price rate.

 

Reserve your complimentary consultation!