How Jurong Transformation Will Affect Real Estate Prices in Jurong East
There are several reasons to buy a home in Jurong East. These reasons include the government’s plans for an integrated tourism development, which is scheduled to start in 2019. The Jurong Lake District is also expected to develop fully in 20 to 30 years, bringing an estimated 100,000 jobs and an extra 20,000 homes. In addition, COVID-19 is expected to change the area, and the Urban Redevelopment Queenstown Real Estate has invited public feedback on its vision for the area.
Jurong Lake District
Singapore’s government is working on the Jurong Lake District, a 360-hectare development. The district is planned to be a mixed-use business district with jobs located near residential areas. Its location is also near Clementi MRT station, which means it will be accessible to residents by public transport. The district was also included in the URA’s 2008 Master Plan. Once completed, it will encompass 360-hectares of land, about the size of Marina Bay.
The Jurong Lake District will become a major leisure and recreation hub. It is expected to attract more residents and businesses. It will also be home to a new science centre and seven-hectare integrated tourism development.
The development of Jurong Gateway is a major project in Singapore that will turn Jurong East into a commercial hub. It will consist of premium office towers, hotels, and shopping malls. It will also incorporate Lakeside, which will be transformed into a leisure and entertainment area.
The project is likely to have a slight depressive effect on property values in Jurong, but it will likely continue to be competitive with the other OCR areas. The deferral of HSR work is likely to have little effect on real estate prices in Jurong East.
The Urban Redevelopment Queenstown Real Estate (URA) has announced plans to transform Jurong Lake District. This is a strategic move to help balance economic growth with commuting needs and improve the quality of life. The project is not expected to disrupt residents’ daily routines or close down the lake.
The redevelopment of Jurong Lake will create a waterfront village that will feature new retail and F&B outlets. It will also feature a deepened lake for water activities. An elevated walkway is also planned to bring the MRT station and bus interchange closer to the lake. Lakeside will also feature a new dining experience, boutique hotels, and a world-class science centre.
Raffles Country Club
The opening of the Raffles Country Club in Jurong East is expected to significantly boost the region’s real estate prices. The club will be able to accommodate a spare HSR train that can cross the tracks. It is also expected to serve as the western depot for the new Cross Island MRT line, which is due to open in 2030. The development will also create a train-testing facility, which will allow new trains to undergo extensive testing prior to their release in the market. Currently, testing is limited by space and time in depots.
The Raffles Country Club site covers about 143 ha. Part of it was previously allocated for an Integrated Train Testing Centre, which broke ground recently. The project has not yet affected the Jurong Country Club site, which has about 50 employees. In addition, the site is located within the Jurong Lake District, which is positioned to become the largest mixed-use district outside the city centre. This will result in a mix of housing, commercial precincts, and even expanded gardens.
Raffles Country Club site
If you’re looking for a new home in Jurong, you’re in for a treat. The development of the Raffles Country Club site will bolster the value of properties in the Jurong Lake district by at least six percent. The area’s limited supply of private residential projects and high pent-up demand for new homes will help drive up prices. The Parc Clematis project in Clementi is already 95% sold, which is testament to the high demand for HDB upgraders in Jurong.
The property will also serve as the site of the western depot of the Cross Island Line (CRL). The Raffles Country Club site will accommodate operational needs of both CRL and HSR. This will bring more activity and value to the neighbourhood.
Jurong East is transforming from a residential area to an innovative business district with a catchment area of more than a million people. The district is also home to more than 3,000 companies and tertiary institutions. A recent addition is the Jurong Innovation District (JID) which is a purpose-built business precinct catering to a range of logistics industries.
The URA is developing a master plan that includes both residential and commercial precincts. The goal of this blueprint is to create a lakeside destination that is flexible and adaptable to the needs of future businesses. To achieve this, the Jurong Lake District will consist of a central core area around the HSR terminus and a mixed-use district.
Jurong Lake Gardens
The Jurong Lake Gardens is a major development project by the Government of Singapore. Once complete, the lakeside park will be a green oasis, with a waterfront playground. The Government also plans to expand the number of HDB flats available in the north and south of the precinct. The new development will also incorporate the Science Centre Singapore.
The proposed development will have a minimal effect on real estate prices in Jurong East. The HSR is only one component of the blueprint for the Jurong Lake District, which was first released in 2008. It was designed to bring new employment centres to the area, and improve the Jurong Lake Gardens. It will take a few years for the project to be completed, so any impact will be minimal.