The government has spared no expense in planning for the development of the Jurong Lake District.
From the upcoming high speed rail terminus to the taking back of the Jurong Country Club, the area is set to be a very popular work-play-live district.
Presently, some of the the well-known retail malls include Westgate, JEM, JCube, Big Box and IMM. Office buildings include those around the International Business Park such as The Strategy, The Synergy and Icon @ IBP.
Family friendly amenities include Singapore Science Centre, Jurong Regional Library, Omni Theatre and Snow City.
The Jurong District is also set to be a medical hub. Presently, there is the Ng Teng Fong General Hospital and Jurong Community Hospital.
Read more: Updates from LTA on the Jurong Region Line
Popular residential condominiums include J Gateway and Ivory Heights Condominium in the immediate vicinity.
To the South Eastern part of the Jurong Lake District and across the Sungei Pandan River is a cluster of residential housing including condominiums such as Parc Riviera, Twin Vew, Botannia, Monterey Park Condominium, The Infiniti, Carablle, Newest, Hundred Trees, Waterfront @ Faber, Faber Crest, Park West, Regent Park and The Trilinq.
Cross Island Line
The cross island line spans Singapore and will be about 50km in length.
Targeting to be completed in 2030, the cross island line will start from Changi, pass through Loyang, Pasir Ris, Hougang, Ang Mo Kio, Bukit Timah, Clementi, West Coast and Jurong.
There is expected to be a daily ridership of at least 600,000 commuters and place the line higher in terms of capacity and usage.
Jurong Region Line
The Jurong Region Line is a 20km line that will connect the existing rail network for faster travel to the rest of the island.
The Jurong Region Line is expected to be completed by around 2025.
Mainly serving residents of Choa Chu Kang, Boon Lay and future developments in the Tengah area, the Jurong Region Line will connect to main activity nodes in Jurong West such as Nanyang Technological University, Jurong Industrial Estate and the Jurong Gateway.
The High Speed Rail is a strategic project between the Governments of Malaysia and Singapore that aims to facilitate seamless travel between the two capital cities.
Spanning 350 km, there will be 8 stops between Singapore and Malaysia.
These 8 stops are Kuala Lumpur Bandar Malaysia Terminus, Sepang-Putrajaya, Seremban, Melaka, Muar, Batu Pahat, Iskandar Puteri and the Singapore Jurong East Terminus.
En blocs around Jurong
With the amount of infrastructure spending initiated by the government, it isn’t a surprise that private developers have descended on the area hunting for land.
In that regard, the en-bloc activity in the area has picked up.
Also read: Condo hunting around Jurong
Park West condo
Some en-blocs that have happened include Park West Condo that was sold in Jan 2018 for a price of S$840.89m according to Business Times.
Bought by Sing-Haiyi Gold, a 50-50 joint venture between SingHaiyi’s wholly owned subsidiary SingHaiyi Land and Haiyi Wealth, an entity controlled by Gordon Tang and Celine Tang, Park West Condo is at Jalan Lempeng.
The price includes an estimated S$290.6 million differential premium and lease upgrading premium, and works out to a land cost of S$850 per sq ft per plot ratio.
Ivory heights is also preparing for a collective sale, with owners eyeing a reserve price of S$1.34 billion for the 825,502 sq ft site, according to the Straits Times.
According to SLP’s marketing website on Ivory Height’s en-bloc progress, the latest milestone achieved was the holding of the mass signing at the project’s function room.
At S$1.34 billion, the price equates to S$979 psf per plot ratio based on the existing built up area and plot ratio of 1.86.
The price includes an estimated differential premium of S$160 million to top up the lease to 99 years.
For investors looking to get a play on the rejuvenation of the Jurong district, the most immediate new condominium that will be hitting the market is Twin Vew.
Located beside Parc Riviera, Twin Vew will consist of 520 units in 2 storeys of 36 floors each.
None of the units will be West facing, meaning no exposure to the sweltering West sun.
At prices of S$1,350 to S$1,400 psf, the pricing for Twin Vew will be very attractive compared to the pricing that developers release for future units on surrounding plots of land.
For example, the ‘pizza’ shaped plot of land to the East of Twin Vew was won by CDL at a price of S$472.4 million of S$800 psf per plot ratio in Jan 2018.
Expected selling price for units on this plot of land could likely be in the range of S$1,400 to S$1,500 psf, according to Business Times.
Therefore, for buyers of Twin Vew, if prices re-rate upwards to that sold on this plot of land, owners could be sitting on a profit of S$50 to 150 on a psf basis, or S$50,000 or S$150,000 for a 1,000 sqft unit.