More buzz for future Jurong tenders
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 greenery attractions may also boost home values, said property consultants, following plans announced by Prime Minister Lee Hsien Loong to liven up Jurong Lake District.
The buzz will be greater if a decision is made to house the future Kuala Lumpur-Singapore high-speed rail terminus in Jurong Gateway, they said.
"Going forward, the plans to realign Ayer Rajah Expressway and convert some of the old industrial estates to waterfront housing could greatly enhance the liveability of Jurong as it enjoys an image overhaul, thanks to all the leisure elements that the Government will put in place," said Christine Li, research head at OrangeTee.
"Existing property owners can look forward to one of the most liveable housing estates in Singapore outside the central and fringe areas," she added.
CBRE's Singapore research head, Desmond Sim, felt that the changes will "remove the stigma of an industrial township that Jurong was originally planned for".
Jurong Lake Gardens, spanning over 70ha, 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.
DTZ's regional head (SEA) research, Lee Lay Keng, said: "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."
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. Said Mr Sim: "While the number of bids is expected to be high... bid prices are expected to be dampened by current market sentiment and confidence."
Ms Li expects development sites for residential, commercial as well as integrated uses (for example, office, retail and residential elements) to whet developers' appetite - if they are released over the next year or two. "Hotel sites are also likely to be released once the terminus of the high-speed rail is confirmed," she added.
Mr Sim added that should the terminus be located in Jurong Gateway, it could boost the nascent office market in the area.
JLL's head of research, South-east Asia, Chua Yang Liang, said the realignment of the AYE will generate the opportunity to develop "more lakefront homes for the masses".
Once the current slowdown ends, he expects developers to grab the opportunity. "We can expect the regenerative efforts by the state to be capitalised into higher real estate values in the long term," he added.
THE BUSINESS TIMES