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Ambitious new plans to make Jurong a business and leisure centre will likely boost home prices, property consultants told The Straits Times yesterday.
Optimism about the area was lifted with the Sunday announcement that a new Jurong Lake Gardens will be developed in conjunction with other projects already under way nearby.
A Science Centre will also be built and there is also a possibility that the terminal for the Singapore-Kuala Lumpur High Speed Rail will be in Jurong.
The new plans underscore Jurong's development as the largest commercial hub outside the Central Business District (CBD), which has been going on apace for some years.
That is similar to the premium paid in estates like Bishan with its major park and schools, and Queenstown, which is close to the CBD.
Jurong rents could be pushed up by about 20 per cent over the next three years, partly because the Ng Teng Fong General Hospital is due to open in the middle of next year. That, in turn, should boost housing values.
Lakeside, which along with Jurong Gateway forms the Jurong Lake District, has become a "significantly private residential" area.
Most of the newly completed 99-year leasehold condominiums are priced about $1,000 per sq ft (psf), with more recent launches like Lakeville in May at about $1,300 psf.
But the key game-changer is the possibility of the rail terminal.
This would put it above other regional centres in Singapore. Tampines is near the airport, but that's not as direct as having a terminus regionally linking a capital city to another.
Singapore Business Federation chief operating officer Victor Tay added: "The longer-term prospect that the rail will cut across more than 10 Asean countries, linking to Guangxi in China, presents immense trade potential for businesses.
"Many will look to Jurong as a strategic gateway to Asean and China."
New and Upcoming Executive Condo- Lake Life EC
Source: Straits Times 19th August 2014