New Launch News
How the High Speed Railway will Affect Property Market Prices in Jurong Lake District
On the 5th of May 2015, PM Lee Hsien Loong announced that the Singapore Terminus for the Singapore-Kuala Lumpur High Speed Rail (HSR) project will be situated in Jurong East. PM Lee noted that this goes hand in hand with the plans to transform Jurong area into the second Central Business District (CBD). Before we elaborate further, let us take a look at what the proposed route for the HSR looks like:
The HSR is expected to be completed sometime near 2022, two years behind what was originally planned due to the scale and complexity of the project- according to both PM Lee and Malaysian PM Najib Razak. Even though the project is expected to stretch out slightly, the benefits to be reaped by homeowners and investors alike remain unchanged. Here’s why:
- Higher Accessibility with HSR
We all know that as a rule of thumb, what makes properties fetch a good price is their location. The increased convenience, coupled with the fact that Jurong East is also an interchange of 2 MRT lines, will definitely boost up market prices due to higher accessibility in and out of the district. This is definitely good news for existing homeowners who stay in the area!
- Population Catchment
If you look at the picture above, there are 7 stations along the HSR that are situated in Malaysia. What this translates to is a higher catchment of shoppers as well as office workers come 2022– boosting retail and businesses in the vicinity. There will be higher demand for commercial spaces when the project is underway. Furthermore, there will also be higher demand for residential rentals to tailor to Malaysians coming to Singapore to work.
Transforming Jurong Lake District under the URA MasterPlan
In one of our previous articles “Why you should put your Eggs in Jurong“, we touched on why Jurong is the next best place to invest. Already, plans are underway to transform the Japanese Garden and Chinese Garden to make it a vibrant waterfront, with eateries and retail spaces coming up. Also, the Ng Teng Fong General Hospital is set to be completed sometime this year. There are also no shortages of shopping malls such as JCube, Westgate, IMM and JEM. With such entertainment facilities in place, residents of the area need not travel out of the district. This transformation, coupled with the upcoming HSR, will only add value to existing properties and upcoming new launch properties in its vicinity. Property Launches in Jurong are:
All in all, it can be concluded that the Jurong Lake District is well set up to hitch on the advantages that the HSR is expected to bring. Jurong Gateway itself will comprise about 500,000sqm of office space along with 250,000sqm of retail and F&B space. This would account for the potential new entrants from Malaysia. Property prices, be it commercial or residential, will definitely increase in the next decade. Together, the 360 hectares of land (size equivalent of Marina Bay) and waterbody will definitely accommodate existing and future populations.