Condo buzz shifts to Jurong and Lakeside

The wait for new condominiums in Jurong and Lakeside will soon be over, with several new projects on the cards.

It has been a long time coming. The area has not had a condominium launch in more than a year, while suburbs across the island have been abuzz with construction.

That will change in the coming months, as the whole Jurong Lake District is primed to be the biggest commercial hub outside the city centre.

Last month, the tender closed for a residential site in Boon Lay Way that can yield about 600 units.
The 99-year-leasehold site is a short walk from the Jurong East MRT station.

Another site, which can host over 820 units, is due to be launched for sale later this year.

The plot is near Lakeside MRT station, one stop from Jurong East on the East-West line.

In all, over 2,000 new private homes are expected to be built in the Jurong and Lakeside areas by 2017, consultants estimated.

Despite Jurong being an established town, newer centres like Punggol, Sengkang and Pasir Ris have stolen a march on it when it comes to new executive and private condominium launches, noted Mr Alan Cheong, Savills Singapore research head.

But higher prices have been achieved in Jurong. Upcoming condos there command nearly $1,000 to $1,200 per square foot (psf), while those in the north-east and Pasir Ris are between $850 and $1,000 psf.
The Jurong Lake District is being engineered into a regional hub. Human density is expected to rise, with increasing population of foreigners probably wanting to rent there as more commercial developments take root.

Source: The Straits Times – 23 June 2012