JCube Residence and Other Upcoming Residential Launches in Jurong Lake District Expected to Spur Price Growth in Resale Market and Beyond
- February 24, 2023
Jurong Lake District (JLD) is set to become Singapore’s largest mixed-use business district outside the city centre, and the recent launch of JCube Residence is expected to spur price growth in the resale market and beyond. JCube Residence is the first residential development in JLD and it is a 99-year leasehold condominium located at Jurong East. The development offers a selection of two- to four-bedroom units. The units come with spacious layouts and modern finishes, and boast spectacular views of the city skyline and the surrounding greenery. JCube Residence is surrounded by amenities such as shopping malls, eateries, and entertainment hubs. It is also conveniently located near various transport links such as the Jurong East MRT station, making it an ideal choice for those who want easy access to the city centre.
The launch of JCube Residence is expected JCube Condo to be followed by more residential developments in JLD. These include the upcoming Westwood Residences, The Vertex, Sky Vue, and Parc Clematis. Westwood Residences is a 99-year leasehold condominium located at Jurong West Avenue 1. It is a short walk away from the Jurong East MRT station, as well as various shopping malls such as Westgate and JCube. The Vertex is a 99-year leasehold condominium located at Jurong East. It is within walking distance of the Jurong East MRT station, as well as a range of amenities such as shopping malls, eateries, and entertainment hubs. Sky Vue is a 99-year leasehold condominium located at Jurong West Avenue 2. It is close to the Jurong East MRT station and a range of amenities. Parc Clematis is a 99-year leasehold condominium located at Jurong West Avenue 1. It is minutes away from the Jurong East MRT station as well as a range of amenities.
The upcoming residential launches in JLD are expected to spur price growth in the resale market and beyond. Although the area has been relatively quiet for some time, it is now gaining momentum with the launch of JCube Residence. With more residential launches in the pipeline, the demand for property is likely to increase and prices are expected to rise. This will benefit those who are looking to buy property in the area, as well as those who already own property in JLD. As such, it is an opportune time for property investors and buyers to take advantage of the current market situation.
The closure of JCube marks the end of an era and make way for the upcoming 40-storey JCube Condo residential and commercial development. The move comes after CapitaLand Development (CLD) obtained provisional permission from Singapore’s Urban Redevelopment Authority to redevelop the JCube site. Observers are estimating a S$2,000 to S$2,100 per square foot (psf) price tag for JCube Condo residential units and the development is slated for completion in 2027.
The potential new launches in the area, including the JCube Condo, will help to alleviate pent-up demand for housing in Jurong, given the lack of new condo launches in recent years, noted property analysts. JCube Condo will be connected to Jurong East MRT interchange, Westgate and IMM Building via J-Walk, a covered elevated pedestrian network in the Jurong Lake District (JLD). Eventually, it will be linked to the upcoming Jurong East Integrated Transport Hub, which boasts a bus interchange, public library, community club and sports centre, among other amenities near JCube Condo location.
Additionally, there is a 6.8-hectare mega white site on the confirmed list of the first half of the 2023 government land sales programme. This white site, which comprises three plots of land, will be sold to a master developer which will build up to 375,000 square metres (sq m) in gross floor area (GFA) in the next five to 10 years. This includes 1,760 private homes, 150,000 sq m of office space, and 75,000 sq m of complementary uses such as for retail, hotel or community.
Property analysts are expecting the new JCube Condo to have an average selling price of S$2,100 psf and upwards, aligned with recent launch prices of the outside of central region developments. They also anticipate that the potential launches, including JCube Condo, will boost home prices in the resale market and possibly have a spillover effect on the Bukit Batok and Clementi areas. Demand for affordable suburban housing will still be relevant, as “the perfect price will still garner interest”, according to Desmond Sim, chief executive of Edmund Tie.
In conclusion, the upcoming residential launches in the Jurong Lake District, including the JCube Condo, are set to spur price growth in the resale market and beyond. JCube Condo will be connected to various amenities and recreational facilities in the area, providing convenience for those living in the area. With the potential for higher returns and an attractive price tag, the JCube Condo and other new launches are likely to be popular among home buyers.