The Jurong area is beginning to be developed under the Government’s Jurong Lake District masterplan, and there are many exciting opportunities for property investors to take advantage of.
How can one get started? By first understanding the area, the surrounding, the infrastructure developments, buildings in the pipeline, present state of the market and more.
This post will seek to shed some light on how the area is developing, and shortlist a few developments that may be worth considering as a play on the development of the area.
What is the Jurong Lake District?
The Jurong Lake District is a 360 ha area set to become the largest commercial and regional centre outside Singapore’s city centre.
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Spanning the areas of Taman Jurong, Jurong Lake, Chinese Garden MRT station, Yuhua, Jurong East MRT station, International Business Park and 2 future MRT stations, the Jurong Lake District is set to become a vibrant hub of activity and entertainment.
The vision for Jurong Lake District according to URA is structured around four key strategies.
- Hub for the future economy – A vibrant mixed use business district with flexible and adaptive spaces for the future economy
- New paradigm for mobility – A district with a comprehensive public transit network and more spaces dedicated to pedestrians and cyclists
- District of gardens and water – A distinctive lakeside setting with pervasive greenery, public spaces and leisure activities for people to enjoy
- Smart & sustainable district for the future – A model district to demonstrate how technology can enable a liveable and sustainable urban environment
A new gateway for Singapore
Jurong Lake District is located near high-value industries, such as the future Tuas Port, two world class research universities (Nanyang Technological University and National University of Singapore).
Jurong Lake District also provides convenient connections to the city and Malaysia via the Tuas link and the future High Speed Rail.
With the opening of the High Speed Rail, there will be an easy and constant flow of traffic, goods and people between Kuala Lumpur and Singapore.
These 2 regions will be set to see an increase of activity, business, knowledge and entrepreneurial activity.
Jurong Lake District’s precincts
Jurong Lake District has two main precincts – Lakeside and Jurong Gateway.
Lakeside consists of Lakeside MRT, the new science centre, Chinese Garden MRT, Jurong Lake Gardens, Genting Hotel Jurong and Jurong Town Hall.
Jurong Gateway is a 57 ha area that consists of the future integrated transport hub, JCube, J Gateway, Jurong East MRT, Westgate, JEM, Ng Teng Fong Hosptial and Jurong Community Hospital, Big Box and Vision Exchange.
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Potential condominiums to invest
For property investors seeking to ride on the development of Jurong Lake District, here are a few new condominiums to consider adding into your portfolio.
Parc Riviera was won by EL Development in a government land sale tender in 2015. With 36 storeys and 752 units, Parc Riviera will be completing in Aug 2020.
Parc Riviera consists of 1 to 4 bedroom unit types, with almost all units being in a North-South facing direction and not being affected by afternoon sun.
According to 99.co, prices for Parc Riveria averaged S$1,253 psf in Feb 2018 with 5 units sold in the month.
The remaining units left for sale include a 3 bedroom unit at S$1.287m, another 3 bedroom unit at S$1.488m with a high ceiling, and a 4 bedroom unit priced at S$1.581m.
Twin Vew is a new condominium that will be launching for sale in April and is built and constructed by China Construction Company.
With 520 units to choose from, buyers can take their pick from 1 to 4 bedroom units.
1 bedroom units range from 484 to 570 sqft, 2 bedroom units range from 710 to 818 sqft, 3 bedroom units range from 904 to 1,184 sqft and 4 bedroom units range from 1,238 to 1,518 sqft.
There are 6 penthouses for sale with sizes ranging from 1,442 to 2,088 sqft.
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Those seeking amenities within the condominium will be pleased to know there is a childcare and 2 retail shops in Twin Vew.
Pricing is expected to range between S$1,350 to S$1,400 psf.
J Gateway consist of 1 to 4 bedroom units across two concepts, SOHO and Condo concept.
The SOHO concept consists of 1 tower block of 20 storeys, comprising 240 units, while the more traditional condo concept consists of 498 units across 3 tower blocks.
True to its name, SOHO concept units offer higher ceiling heights of 3.4 to 3.8m compared to ceiling heights of 2.95m for the condo concept.
J Gateway amenities include sky gardens, swimming pools, club house, sky gymnasium, tennis court, chill-out lounger among others.
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Within few minutes walk to popular shopping malls such as J-Cube, Westgate and JEM, J Gateway offers unparalled convenience for residents.
There is no other condominium development that is nearer the Jurong East MRT than J Gateway.