J'den achieves 88% sales on launch day, average price of $2,451 psf

J'den saw 323 units sold at an average price of $2,451 psf on its launch day (Photo: CapitaLand Development)

CapitaLand Development's 368-unit J'den saw 323 units snapped up on Nov 11. It translates to a take-up of 88%, making it the best-selling new launch in 2023. The average selling price achieved was $2,451 psf.

Set to become the tallest mixed-use development in Jurong Lake District (JLD), J'den will be a 40-storey tower with a two-storey retail podium and 38 storeys of condominium units when it's completed in 2028.

According to CapitaLand Development, over 99% of the buyers are Singaporeans and Singapore Permanent Residents, with close to 60% aged 40 years or below. About 62% of the buyers currently reside in the western region of Singapore.

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"Homebuyers are drawn to J'den's unparalleled location with seamless access to an array of amenities, in addition to its comprehensive facilities and superb views of Jurong Lake Gardens," comments Tan Yew Chin, CEO of CapitaLand Development (Singapore).

At the balloting tent of J'den on its launch day on Nov 11 (Photo: CapitaLand Development)

Unit sizes range from 527 sq ft for a one-bedroom unit to 1,485 sq ft for a four-bedroom unit. While all the unit types were well-received, the one- and two-bedroom types were the most popular. "All 148 units of one-bedroom, one-bedroom-plus-study and two-bedroom types are sold out," says Marcus Chu, CEO of ERA Singapore.

"J'den is the project with the best take-up rate at a launch weekend this year", remarks Ismail Gafoor, CEO of PropNex. The response wasn't surprising as he notes that the starting price of $2,100 psf was deemed attractive to homebuyers, even though the average selling price of $2,451 psf achieved a new benchmark for the area.

Before the launch, J'den was the most anticipated project. It was evident from the 1,261 cheques collected over the past fortnight as expressions of interest ahead of this weekend's launch. The project was. 3.4 times subscribed.

It also saw strong visitorship across the entire preview period, with 7,000 visitors on the first weekend alone, notes Ken Low, managing partner of SRI.

J'den will be linked to Jurong East MRT Interchange Station and the neighbouring buildings via J Walk, an elevated pedestrian bridge (Source: EdgeProp Landlens)

J'den's main draw is its location within JLD. The government has envisioned JLD as the largest mixed-used business district outside the city centre. "J'den is located at Jurong Gateway, poised to be the second CBD," says Mark Yip, CEO of Huttons Asia.

The development will also be directly connected to the Jurong East MRT interchange station via J-Walk, a covered and elevated pedestrian crossing. Four MRT lines will eventually serve JLD.

There hasn't been a new launch in Jurong East for a decade before the launch of J'den. "The pent-up demand and the desire from buyers to stay in the heart of JLD led to brisk sales," Yip adds.

The last project launch was the 738-unit J Gateway in 2013, which was also sold out in a day. SRI's Low notes that transacted rental rates at J Gateway are similar to those in the Core Central Region. Hence, J'den also saw strong interest from investors, he adds.

"J'den's strong sales are a clear testament that there is still a strong demand from selective and savvy buyers today," says Justin Quek, deputy CEO of OrangeTee & Tie. "The market will respond positively with a willingness to pay a premium when developers launch compelling projects."

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