Jurong, the second Central Business District of Singapore, is undergoing a massive transformation. There is a pent-up demand for new homes in the area. More educational facilities are also being built there. The government is taking steps to attract more tourists to the area. It is expected to be fully developed in 20 to 30 years. The redevelopment of Jurong will also create more jobs and new homes for residents.
Jurong is Singapore’s second Central Business District
The Jurong Lake District is slated to become the second CBD in Singapore and the largest commercial hub outside of the city centre. It will be anchored by a new mixed-use business district centered around the future terminus of the High-Speed Rail (HSR). The plan features charming waterways and extensive greenery.
The proposed development will take into account the needs of the surrounding area and the needs of the community. However, property analysts are cautiously optimistic about the development plans and are hoping that the area will be a success. Century 21 chief executive Ku Swee Yong said that the Jurong area will have some competition in the Woodlands area, but the overall outlook was positive.
The Jurong Lake District’s planned development features four major precincts: Jurong Gateway, the existing commercial node around the Jurong East MRT station, Lakeside East, and Lakeside West. In addition, the International Business Park is slated for redevelopment with mixed-uses over the next few years. The Jurong Lake District is a unique and convenient location for companies looking to establish a campus and/or expand their operations.
It has a strong pent-up demand for new homes
As the Jurong Lake District is set to become Singapore’s west economic hub, the demand for new homes will be high. Many government agencies are slated to move to Jurong, creating a strong pent-up demand for the region. Additionally, the new waterfront will feature leisure facilities, greenery, and a range of tourist attractions. Nearby, there are plans to build a World Class Science Centre. This will create more jobs and further fuel the demand for new homes. With limited supply, prices are likely to increase.
Despite the pent-up demand, only a few private residential projects have been launched in Jurong in the past few years. The area hasn’t seen a new launch since Lake Grande in 2016. The recent collective sale is a rare opportunity for developers. The tender closes on May 25 at 2pm.
Investors are also buying in the area. According to Frasers Centrepoint Homes executives, 20% of The Caspian buyers are investors. The government plans to turn Jurong into a leisure and commercial hub. Therefore, many people are buying in anticipation of future capital appreciation.
It is undergoing redevelopment
The redevelopment of Lakeside Jurong is expected to increase prices of Jurong properties by at least 63%. As the Jurong Lakeside district has only a limited supply of new private residential projects, there is a strong pent-up demand for new homes in this area. As of now, only a handful of private residential projects have been launched in the area, but the Parc Clematis project in Clementi has been 95% sold, which indicates the strong demand for new homes in Western Singapore. In addition, the demand for HDB upgraders in Jurong has remained strong.
The redevelopment of Lakeside Jurong will result in an urban area that rivals the size of Marina Bay, and the region will soon be the largest commercial hub outside of the downtown area. As a result, developers are already making enthusiastic bids for land in this region. In fact, when the first Jurong Gateway site went up for sale two years ago, it received six bids. The winning bidder was Lend Lease, who paid $748 million for the land – an average of $650 per square foot (psf) per plot ratio.
It will feature more educational facilities
A new Lakeside Jurong development is coming to the region. It will feature a new waterfront promenade and will offer a variety of water activities, including fishing. It will also have improved access and will feature new educational facilities. Residents and business travellers staying at nearby boutique hotels will benefit from these amenities.
The new Lakeside Jurong development will be a mixed-use area. It will also be home to a manufacturing hub and will cater to a diverse range of business needs. This will also bring jobs closer to residents. The development was included in the URA Master Plan 2008 and comprises the Jurong Gateway and Lakeside precincts. It will have a development area of 360 hectares, roughly the size of Marina Bay.
The development of Jurong will also benefit from the proximity of two universities in the area. This will provide a ready talent pool. Furthermore, the development will have 4 MRT lines by 2035, which will improve connectivity throughout the city. The new Lakeside Jurong development will also feature a park and a lake, which will enhance the liveability of the neighborhood. It will also have a Singapore Science Centre and existing Chinese and Japanese Gardens.