Redefining the concept of unrivalled convenience, J’den - a fully integrated condo project developed by Capitaland sets a new precedent today at their sales preview where they sold more than 87% of their total 368 private residential units available in the whole development by 5pm on 11 Nov 2023 (Saturday). Analysts believe the average price of the units sold today should be ranging between $2,450 psf to $2,500 psf for J’den.
It is evident that Singapore's home buyers desire the ultimate convenience for an integrated lifestyle - where countless conveniences extend both within and without, interweaving organically with sheltered elevated pedestrian network known as J’Walk for easy sheltered access to Jurong East MRT Station and upcoming MRT stations (4 MRT Lines - 2 upcoming and 2 existing), large shopping malls like Westgate, Jem and IMM, medical hub, library, aircon bus interchange, Grade A offices and more..
Strategically positioned near edenic lake gardens, J'den offers unrivalled lifestyle experiences with its 40 storey building towering above the skyline of Jurong Lake District which includes a sky terrace and state-of-the-art amenities, above a two-storey commercial podium.
Real estate professional Kiwi Lim believe buyers are emboldened by the potential of Singapore’s next largest business district in Jurong Gateway and their confidence in the broad prospects and golden opportunities for growth in Jurong Lake District which is likely to translate into capital gains for them.
6.5-hectare white site in Jurong Gateway for sale to Master Developer
In June this year, the government released a 6.5-hectare white site consisting of three plots of GLS land parcels in the Jurong Gateway precinct for sale to a Master Developer to kickstart the next phase of development in Jurong Lake District and to cater to demand for office, private residential and complementary spaces in the medium term.
This White site comprises three plots of land (see map above) linking the existing commercial centre at Jurong East MRT interchange station to the new precinct and the future Jurong Lake District station of the Cross Island Line. With a potential yield of at least 146,000 sqm of office space, about 1,700 dwelling units and 73,000 sqm of gross floor area for complementary uses such as shop, restaurants, entertainment, hotel, community uses or more offices, the proposed integrated development will be progressively completed over the next 10 to 15 years and provide the critical mass to propel the development of this future business district.
The intention is for the Master Developer to comprehensively master plan the entire site to integrate the various uses, coordinate implementation of the development and adopt district-level urban solutions such as a district cooling system and district pneumatic waste conveyancing system. These systems allow for more efficient delivery of urban services, in the supply of chilled water and managing waste disposal at a district level and help in the realisation of larger sustainability objectives for JLD.
The Concept and Price Revenue Tender approach will be adopted to evaluate the tender submissions for the site to ensure that the selected concept proposal is aligned with the vision for the JLD. Tenderers are required to submit their concept proposals and tender prices separately. The concept proposals will first be evaluated against a set of criteria specified in the tender based on evaluation criteria. The intention is to shortlist concept proposals that feature a distinctive, highly sustainable mixed-use development with well-designed people-friendly public spaces and amenities to serve the needs of the business and local communities. Only compelling concept proposals will be shortlisted to proceed to the second stage of evaluation, which will be based on price only.
The successful tenderer will be required to build at least 70,000 sqm GFA of office space and 600 private housing units as part of the first phase of the development, but will have flexibility to phase out the remaining supply according to market demand, via an option scheme drawn up by URA. The tender for this Jurong Lake District Master Developer site that is situated beside J'den will close at 12 noon on 26 March 2024.
Future Resale Prices at Jurong Gateway District
As part of URA’s decentralisation strategy, JLD will be progressively developed into Singapore’s largest business district outside the city centre to cater to varied business needs. JLD is envisioned to be a model sustainability district with a goal to achieve net-zero emissions for new developments around 2045. It will have distinctive mixed-use developments with well-curated public spaces and amenities to serve the needs of the business and local communities as well as the general public.
Today, the area around the Jurong East MRT interchange station comprises office, retail and institutional uses. By 2028, a new Jurong Region Line station and an Integrated Transport Hub comprising offices, community spaces and retail amenities will be built next to Jurong East MRT interchange station. The Government will sustain the development momentum at JLD, through the release of sites for sale, with the supply carefully paced to take into account economic and market conditions. The commercial hub will be extended progressively and seamlessly southwards into a new 120-hectare precinct via elevated pedestrian linkages and lushly planted streets. With more flexibility in zoning, the expanded JLD allows companies to experiment with new development concepts and innovative ways to integrate live, work and play in a green and car-lite precinct.
"Future resale prices at Jurong Gateway Business District may likely see resale transactions hovering around $2,800 psf in 2028 as some J'den buyers may sell in the open market expecting to cash out with at least $200 psf gain on their J'den purchase today." said Kiwi Lim who has been analysing the real estate market for more than 10 years, "developers will also be be more confident in their bid for the GLS white sites in Jurong Lake District and elsewhere after today's amazing results at J'den's preview."
The recent GLS results also indicate that condos next year in the OCR may launch from $2,4xx psf with Singapore’s economy expected to grow at an average of around 3 percent per year from now till 2030 possibly outperforming other developed economies. Click to read the article below.