Recent media reports have said that Jurong Lake District property owners have cause to celebrate after an announcement was made regarding the location of the high speed rail terminus for Singapore choosing Jurong East as its location for High Park Residences.
Fernvale High Park Condo by CEL
Many consultants are expecting that the building of the new terminus will work to stimulate commercial and retail activity, as well as bring incentive for property prices for the vicinity. Furthermore, it has been noted that this district is situated well for taking advantage of the boost it will get from the terminus near High Park Residences.
Major MRT lines intersect in Jurong East, such as the upcoming Jurong Region Line, and the North-South and East West lines. Head of research for CBRE’s South-east Asia and Singapore sectors, Desmond Sim, points out that this interchange makes commuting much more convenient.
Also of note for this area is that it has become an affluent area for hunting up business spaces at locationa around High Park Residences.
Christine Li, research director for Cushman & Wakefield, has pointed out that Jurong Gateway will soon become a suburban area that is an excellent site for business services, company headquarters, technology, education and science sectors. Jurong Gateway offers a generous 500,000 square meters of offices, a retail area of 250,000 square meters, as well as 2,8000 hotel rooms and space for entertainments, beverages and food.
Some newcomers on the high speed rail line could include businesses from Malaysia, notably companies that are from areas like Batu Pahat, Nusajaya and Malacca.
General manager of Jem, a mixed use development, Jenny Knoo has said that concurrently, retailers have recognized how the Jurong area is hovering on the brink of attracting a much larger collection of office workers and shoppers with new developments that include the high speed rail terminal at High Park Residences.
High Park Residences Fernvale Road by CEL Development
One official from Mapletree Industrial Trust has stated that there is an expectation that, once the rail line is ready, its two buildings will see a higher demand for space at Fernvale High Park Condo CEL.
In March an award was given to one of MCL Land’s nearby condo sites. MCL Land is currently in the process of developing Jurong West Street 41’s Lakeville.
Koh Teck Chuan, a chief executive of MCL Land, also shared that he expects both projects to bring more buyers that are foreign to the area, given its vibrancy and larger accessibility for new condos near High Park Residences.
In 2015’s 1st Quarter, non-landed property prices in Jurong dropped by 8% from 2014’s 1st Quarter to and average of $947.15 per square foot, which was a result of cooling measured that the government had put in place at High Park Residences.
Mohamed Ismail, chief executive of PropNex Realty has shared that, in relation to those High Park Residences sales figures, an increase in the average non-landed rents over this same time period of 6% to $3.30 per square foot per month was recorded. He further added that it is expected that there will be a slow appreciation of this developing areas property prices over the coming decade.