New plans for Jurong Lake District
Jurong Lake Gardens, Science Centre and High Speed Rail
The recent development in Jurong is only getting bigger and better. In light of the announcement last Friday 15 Aug 2014, plans for the construction of Jurong Lake Gardens, a Science Center (to be completed around 2020) and even the high possibility of a terminal for the Singapore-Kuala Lumpur High Speed Rail (HSL) are just among the few future projects underway in the west.
All the new plans will further emphasize Jurong as the largest commercial hub outside the Central Business District (CBD) that provides residents quality work-life balance. The Jurong Lake District comprises 2 precincts namely the Jurong Gateway and Lakeside District. One of the 2 precincts, Jurong Gateway, is now a commercial hub with numerous malls and institutes sited there. The government is now having great plans to spruce up the other precinct, Lakeside District, by constructing a new Jurong Lake Gardens. Lakeside District will eventually become a very private residential area.
The whole of Jurong Lake District encompasses 3 MRT stations (Jurong East MRT, Chinese Garden MRT and Lakeside MRT stations), multinational cooperations, shopping malls, a nature retreat and residential estates. From Jurong East MRT to Lakeside MRT takes only 5 minutes!
Jurong Lake District Home Prices and Rental Returns to go up at least 20%
Property consultants say future prospects in Jurong look very optimistic. The business and leisure center will likely boost home prices in the west, mirroring premium paid estates like in Bishan or Queenstown due to area’s proximity to prime locations. With the completion of Ng Teng Fong General Hospital in 2015, Jurong rents could be pushed up by about 20% over the next three years and in turn boosting housing values.
Also, Housing Board flats in the area may command a premium of about 20% once projects for the district are completed.
According to R’ST Research Director Ong Kah Seng, riding the tide would be the Lakeside District; combined with Jurong Gateway to form Jurong Lake District. The Lakeside District where the new Jurong Lake Gardens will be constructed by combining the Chinese Garden, Japanese Garden and Jurong Lake Park, will become a “significantly private residential” area.
In the recent 3 years, newly completed condominiums in the area are priced at about $1,000 per sq ft (psf) while the recent launch like LakeVille is priced at $1,300 psf. Majority of these new private condominiums are 99 years leasehold.
Jurong Lake District High Speed Rail seen as a strategic gateway to ASEAN and China
With that being said, the key role in Jurong’s transformation would be the possibility of the rail terminal. Having a terminus to link from Singapore to another country’s capital city, across 10 ASEAN nations would present immense trade potential and business opportunities.
The materialization of the terminus will enable Jurong to be perceived as a strategic gateway to ASEAN and China, added Singapore Business Federation Chief Operation Officer, Victor Tay.
Considering the scale and progression of projects installed in Jurong, owners in the west can expect to experience a property value boost in the coming years.
Adapted in part from Straits Times 19 Aug 2014