Developer SingHaiyi Group and its joint venture partners, Singapore-listed KSH Holdings and Ho Lee Group, sold 102 units at Sora over the weekend of July 5-6. However, according to the developer, some deals are still being done. The sales equate to about 23% take-up of the 440-unit, 99-year leasehold condo on Yuan Ching Road in Jurong Lake District.
According to SingHaiyi, 320 units were launched over the weekend. The most popular units were the one-bedroom-plus-study, with over 80% of the units released snapped up. The two-bedroom and two-bedroom-plus-study units were also popular with buyers.
The most popular units were the one-bedroom-plus-study, with over 80% of the units released snapped up (Photo: SingHaiyi)
One-bedroom-plus-study units of 538 sq ft were priced from $996,000, and two-bedroom units of 646 sq ft were over $1.305 million, says Marcus Chu, CEO of ERA Singapore.
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Almost 95% of the units sold were in the sweet spot of just below $2 million, comments Mark Yip, CEO of Huttons Asia.
While the starting price was $1,850 psf, the average price of units sold at Sora is about $2,160 psf. According to Ismail Gafoor, CEO of PropNex, prices are "relatively comparable" to the adjacent project, the 306-unit Lake Garden Residences, launched a year ago.
Artist's impression of Sora, with its 300m frontage along Jurong Lake Gardens (Picture: SingHaiyi)
On its first weekend of sales on August 5-6, 2023, about 71 units (23%) at The LakeGarden Residences were taken up at an average price of $2,120 psf. The LakeGarden Residences has also benefited from Sora's market debut. It has sold 141 units (46%), with prices averaging $2,127 psf as of July 7.
Sora and The LakeGardens Residences front the 90ha Jurong Lake Gardens, although the former boasts a 300m frontage. Raymond Chia, group CEO of SingHaiyi, says that more than half the buyers are below 40 years old, "a reflection of the rejuvenation taking place in Jurong Lake District, and the confidence in Sora's relevance and potential".
Another recent project launched in the Jurong Lake District was the 368-unit J'den. A redevelopment of the former JCube mall, the 99-year leasehold condo sits on a commercial podium directly linked to the Jurong East MRT Interchange Station for the East-West and North-South Lines and the upcoming Jurong Regional Line. J'den saw 88% of its 368 units sold on its launch weekend last November at an average price of $2,451 psf. Based on caveats lodged, the project is now 91% sold at an average price of $2,459 psf.
Transaction volume of J Gateway, J'den and The LakeGarden Residences in Jurong Lake District (Source: EP Buddy)
Transaction prices of J Gateway, J'den and The LakeGarden Residences in Jurong Lake District (Source: EP Buddy)
Before J'den, the last private condo launch in Jurong Gateway was the 738-unit J Gateway in July 2013. Almost all the units were snapped up within the first month of its launch at an average price of $1,467 psf over a decade ago. J Gateway's resale prices have also climbed past $2,000 psf following the launch of the three new projects in JLD. A 700 sq ft, two-bedroom unit at J Gateway changed hands for $1.53 million, based on a caveat lodged in June, and has set a new high of $2,187 psf.
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PropNex's Gafoor says interest in Sora came from beyond those living in the Western region. "Only 30% of the buyers are from Jurong and Clementi," he adds. "Many of the buyers were attracted by the development's stunning views, amenities, and facilities and the pull of the new urban hub, the Jurong Lake District."