New condo launches expected to revive Jurong

June 27th, 2012 at 6:32 pm

A number of new projects are now in the pipeline that will provide residents in the Jurong and Lakeside areas with more housing options.

For more than a year, there was no new condo launched in the vicinity despite a lot of buzz taking place in suburbs across the island. This will change as the whole Jurong Lake District is set to become the biggest commercial hub outside the city centre.

Last month, a residential site in Boon Lay Way closed its tender. The 99-year leasehold land parcel sited near Jurong East MRT station is expected to yield around 600 units.

Meanwhile, a site that could yield some 820 units will be launched later this year near Lakeside MRT station.

By 2017, property consultants expect to see more than 2,000 new private homes within the precinct. The upcoming Caspian and Lakefront Residences (pictured), which were launched in 2009 and 2010 respectively, will form part of the bulk.

All 712 units at Frasers Centrepoint’s Caspian have been snapped up. It is expected to be completed by the third quarter of this year.

Likewise, the 629-unit Lakefront Residences by Keppel Land which has been sold out is expected to be ready by 2015.

Alan Cheong, Research Head at Savills Singapore, said that while Jurong is an established town, newer estates such as Sengkang, Pasir Ris and Punggol have overshadowed it in terms of new executive and private condo launches.

Nevertheless, higher prices have been seen in Jurong. In fact, upcoming condos within the area could be priced at between S$1,000 psf and S$1,200 psf compared to projects in the north-east and Pasir Ris, which have recorded prices of between S$850 psf and S$1,000 psf.

“The Jurong Lake District is being engineered into a regional hub… Human density is expected to rise, with increasing population of foreigners probably wanting to rent there as more commercial developments take root,” said Cheong.

 

Source: Property Guru