Thursday, September 4, 2008

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Jurong East Lake District Transformation could translate into High Resale Property Prices for Jurong East, Bukit Batok, Clementi and Jurong West

Todayonline reported that the Jurong East Lake District transformation could translate into high resale prices for properties in Jurong East and the neighbouring towns including Bukit Batok, Clementi and Jurong West

Jurong East has always been viewed as a rather lacklustre "ulu" estate with just over 22,000 homes. Even neighbouring Bukit Batok and Clementi have over 32,000 and 24,000 homes respectively.

However, in April, National Development Minister Mah Bow Tan unveiled in its masterplan to transform Jurong East into the new Jurong Lake District which is sited to be the largest commercial hub outside the Central Business District.

Chief executive of Propnex, Mohd Ismail, said that he expects to see, in the initial stages, a marginal 5-10% price increase in the properties in Juorng East. However, upon completion of the many facilities and amenities, and as more businesses gradually shift their operations to the new Jurong Gateway precinct, we should even be able to see price increases of 30% to 50%.

As a comparison: For the first quarter of the year, the median resale prices for five-room HDB flats in Bukit Merah and Toa Payoh — estates that are considerably close to town — were $585,000 and $538,000 respectively, while the median resale price for a five-room HDB flat in Jurong East was just $386,000.

We can also expect to see a spillover effect from the revamped Jurong Lake District in the surrounding hinterland towns of Bukit Batok, Clementi and Jurong West.

Mr Mohd Ismail strongly encourages Jurong East residents to hold on to their properties due to the strong prospects for a high resale price upon completion and establishment of the Jurong Lake District.

May also want to read:
HDB Resales: West Sees Highest Price Increase
Jurong East Lake District Good Property Investment Prospect
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
Property Price Index Graph Plotter & Online Property Valuation
Your Property Investment Determines Your Financial Success in Your Life


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