Jurong Lake area to be new draw for developers

Developers are expected to take a keener interest in future state land tenders in Jurong Lake District - whether for residential, commercial or hotel projects.

The buzz created from efforts for greenery attractions in the area is expected to give a fillip to home values there.

Attention will be heightened further if a decision is made to house the future Kuala Lumpur-Singapore high-speed rail terminus in Jurong Gateway, said property consultants yesterday. They were giving their views on plans announced on Sunday night by Prime Minister Lee Hsien Loong to liven up Jurong Lake District.

Existing property owners can look forward to one of the most liveable housing estates in Singapore outside the central and fringe areas.

The changes will "remove the stigma of an industrial township that Jurong was originally planned for".

National Development Minister Khaw Boon Wan blogged yesterday: "Since 2008, Jurong has made steady progress to be our largest regional centre, outside of the city."

Jurong Lake Gardens, spanning over 70 hectares, will integrate the revitalised Jurong Lake Park (to be completed by 2017), as well as the Chinese and Japanese Gardens which are set to be spruced up, and not forgetting the new Science Centre, which will emerge next to the Chinese Garden MRT Station around 2020.

Even though the overall conditions in the residential property market remain tepid, the buzz created could provide a minor boost to existing projects and help support prices and transaction volumes in the area.

In the longer term, the development of Jurong Lake Gardens will enhance the living environment for residents, similar to the Bishan-Ang Mo Kio Park, and increase interest in the area.

The plans are expected to fuel developers' interest in a 99-year private housing site just above Jurong Lake - between The Lakeshore and Lakeville condos - that will be launched in December through the confirmed list of the Government Land Sales Programme. While the number of bids is expected to be high..bid prices are expected to be dampened by current market sentiment and confidence.

Development sites for residential, commercial as well as integrated uses (eg office, retail and residential elements) are expected to whet developers' appetite - if they are released over the next year or two.

New and Upcoming Executive Condo: Lake Life EC Jurong

Source: Business Times 19th Ausgust 2014

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Jurong Lake area to be new draw for developers

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