Just as expected, the favourable news around Jurong areas like the High Speed Rail and the Jurong Innovation district have hyped the property sales results. Below is the news that released today:
Lake Grande, MCL Land’s 710-unit condominium along Jurong West Street, saw or 436 of the 500 units released, 87 percent, sold at an average price of $1,368 psf during its launch over the weekend, reported The Straits Times.
MCL Land Chief Executive Koh Teck Chuan shown that smaller units were favoured by buyers, with 83 percent of the sales involving one- and two-bedroom units.
With units in one- to five-bedroom configurations, the 17-storey project is a couple minutes’ walk from the Lakeside MRT station and looks out on Jurong Lake.
Although the private residential market is showing signs of bottoming out, with prices in Q2 reading the slowest rate of decrease since worth started falling at end-2013, market watchers warned that the robust demand for Lake Grande units cannot be regarded as a sign of enhancing sentiments among buyers.
Instead, they believe that the red-hot perception for the project may have been stoked by the government’s plan to develop the Jurong Lake District as the home of the future high-speed rail (HSR) terminus linking Singapore to Kuala Lumpur and a second central business district.
When they signed a memorandum of understanding which paved the way for more comprehensive planning as well as eventual building of the railway link last week, Singapore and Malaysia marked a big step in the HSR development.
“The main contributing factor for Lake Grande’s powerful sales is all the hype over the Jurong Lake District masterplan and the high speed rail coming onstream in 2026 said Savills Singapore Research Head Alan Cheong.
“While Lake Grande and Treasure Crest executive condominium (which was launched the preceding week) did well, I don’t consider we can make a blanket judgment about sales rallying in leaps and bounds. One swallow doesn’t make a summer and demand is still project-unique,” he included.
Christine Li, Research Director at Cushman & Wakefield, noted the project also benefitted from the limited supply of unsold modest houses in Jurong.
The next condo launch by EL development at West Coast (near to Jurong), Parc Riviera, and all eyes on this development since the spill over effect should land on this project.