If you think Singapore property prices have caught up with Hong Kong, you are wrong. Looks like Singapore property prices are still lower especially on the luxury segment according to the latest Savills report. For the suburbs, it could be very close. Well, not an official report but just derived that from chit chats with my Hong Kong friends.
Looks like Jurong is really taking shape as an upcoming suburban shopping district with the opening of another mall. This is in addition to Jcube, JEM and the refurbished IMM.
Looks like things are hotting up in the West especially in Jurong. Jurong Gateway was launched at prices between $1450-1650 psf. Why such a bullish prices? Let's take stock of what's happening or will happen there. There're the newer shopping malls like Jcube, JEM, Westgate (next year), Big box (if it happens) and older ones like IMM. It is right beside the Jurong East MRT station. There are two hospital currently being built, the Ng Teng Fong General Hospital and Community Hospital that's within walking distance. The area will also include a future hotel, redevelopment on the chinese gardens etc. Jurong East is to be developed into a major commerical hub (biggest outside CBD).
The price is also a good news for folks staying in the vicinity as it will also lift up the average prices there.
The latest shopping mall has opened in the West and this time it is again in Jurong. There's already the Jcube early this year. If you want to drive there, better think again. JEM is really JAMMED. The traffic to the carpark is so bad that there's a long queue of cars waiting to just get in. I can't imagine when the other mall, the Westgate, is ready too. This place will be so congested.
Read about the Jurong Transformation today but this has been in the making for years. It is finally going to materialise as you can really see the constructions in fast progress. In a few years time, it will become the 2nd CBD (or at least it is planned to be). Good news for those staying in the west except for the future traffic jams (expected to be horrendous if there's no road expansion). Here's why:
Jcube shopping mall - ready.
Westgate shopping mall and office - ready end of 2013. Capitaland will move its office from Capital Tower to here.
JEM shopping mall and office - ready by Q2 2013. Ministry of National Development (MND) will be moving here too.
Ng Teng Fong and Jurong Community Hospital. Ready in 2014.
Hotel - see the picture below from the URA land parcel tender.
Big Box - this is a huge piece of eyesore in Jurong. It is very rare to see construction halted in Singapore especially of such a scale. Construction halted during the 2008-2009 global financial crisis and they have been trying to find funding to continue this project. Boustead Singapore backed out in 2010 and then came Lucrum Capital with $200M investment. It will be a 8 storey warehouse and retail development. I can't really visualise how the retail can compete with the other shopping malls unless they can attract the likes of Ikea, Giant (IMM has one), Tesco, courts, or other major furniture makers. It need to compete directly with IMM which is also undergoing a major revamp. They have already lost precious time. Let's see if this really takes off eventually.
IMM - Undergoing revamp I think in anticipation of the intense competition that's about to come from the malls located much closer to the MRT. Well, this could just be a matter of left to right pocket since Capitaland owns Jcube, westgate and IMM. They are no doubt the king of Jurong Lake District. Great foresight by the ex-CEO.
International Business Park - Not forgetting the current offices at the International Business Park that is already contributing to the traffic jam. It is already quite bad during peak hours. It is sure to become worst.
Good news for Bukit Panjang residents. They will finally get their own Integrated Transport Hub which has both the Bus interchange and MRT but only ready in 2015. Poor Bukit Panjang residents didn't have MRT and public transport there is pathetic. Not to mention the infamous LRT. There's also the always-jam BKE and upper bukit timah road in the morning.
Do you think this is true?
Not a totally accurate list as some of the properties are already TOP (eg. Caspian).
