2nd Central Business District to Boast Jurong Property Prices
When it comes to Jurong East property prices, you can boast of many different factors. These include Jurong Eco Garden, Jurong Park, BIGBOX, and the Academic heartland of Singapore. Plus, you can also boast of Jurong’s accessibility from other parts of the city.
Jurong Eco Garden
The deferment of HSR will not have a negative impact on Jurong property prices in the short-term. The government has stated that it wants to build more employment centers outside of the CBD, including Jurong East. This is consistent with plans to bring more quality jobs closer to home. In the long-term, however, buyers will likely be more cautious.
While Jurong East has been relatively stagnant in terms of new launches since 2013, demand has begun to shift to the surrounding neighbourhoods. Parc Clematis is almost 40 per cent sold as of Q1 2020, while Whistler Grand is already more than half-sold at a median price of S$1,400 psf. Both developments are located near the Jurong Lake District, which is expected to add to their appeal.
BIGBOX redefines retail shopping experience in Singapore
BIGBOX is a large eight-story building located near Jurong East MRT Station. It is one of the 4 Warehouse Retail Schemes in Singapore, and is an ambitious project that aims to redefine retail shopping in the country. With its warehouse outlet pricing and specialty department store service, BIGBOX aims to provide shoppers with a seamless one-stop shopping experience.
Academic heartland of Singapore
The Jurong Lake District is being developed as a second Central Business District in Singapore. It is expected to attract a slew of workers in the future who are looking for a shorter commute. In addition, the Jurong Region Line will boost property prices in the area. There are also plenty of schools in the area, but few tertiary institutions. It is also well-served by the Ng Teng Fong Hospital and Jurong Community Hospital.
The Jurong plan aims to create a unique lakeside destination where people can work, play and live. It will also include a number of recreational amenities and a first-rate science center. This will be located around the Lakeside MRT station and will cater to families and young professionals. However, it is unlikely to experience exceptional price rises due to these factors.
Accessibility from other parts of Singapore
There’s no shortage of reasons for aspiring investors to invest in Jurong property. For starters, this district offers excellent connectivity to major parts of Singapore. The new Downtown Line 2 is set to be completed by mid-2016, and it will improve accessibility to key destinations including the city centre, Choa Chu Kang, Bukit Panjang, Dairy Farm, Hillview, and Jurong West. Additionally, the Jurong Region Line is set to connect Jurong West, Jurong Industrial Estate, West Coast, Boon Lay, and Tengah. The latter line is also expected to improve journey comfort.
In addition to this, Jurong Gateway will feature 500,000 square meters of office space, a quarter of a million square feet of retail space, and over two thousand hotel rooms. The moderately priced occupancy rates will likely attract multinational companies. New entrants, like Malaysian companies, will also be attracted to the area.
Potential upside for public flats
One of the most promising areas for new development is Jurong East, which has been set aside for a second CBD. Located west of the current CBD, the new CBD is likely to attract people from the eastern part of the city. The new CBD is expected to open in 2026 and will connect to the Cross Island Line and Jurong Region.
The prime location of Jurong East makes it an ideal location for business and entertainment. The district also benefits from a good public transport network. In May, Clarence Long brokered a sale of a 113-square-metre public flat for S$1.4 million. By contrast, a similar-sized private condo in the same area can fetch S$2.5 million or more.