Hillock Green and J’den: Two new launches to close 2023
By Cecilia Chow
/ EdgeProp Singapore |
Crowd at balloting tent on the launch day of J’den, the 368-unit condo project in Jurong Gateway in the west region (Photo: CapitaLand Development)
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The weekend of Nov 11 and Nov 12 saw two projects launched in the Outside Central Region (OCR): The 474-unit Hillock Green in Lentor Hills estate in the northeast region and the 368-unit J’den in Jurong Lake District (JLD) in the west.
Launch day sales at Hillock Green amounted to 131 units (28%), with the average price at $2,108 psf. “We feel that achieving close to 30% sales of total units on the first day in Lentor is credible and bears testimony to our product positioning and location attributes, being next to the MRT station and a mall,” says Lim Han Qin, director of Soilbuild Group on behalf of the consortium developing the project, including Forsea Holdings, a wholly-owned subsidiary of Beijing-based China Communications Construction Co; and United Engineers, a subsidiary of Singapore-listed real estate developer Yanlord Land Group.
Given that Hillock Green is the third project to be launched in Lentor Hills estate, “We feel that the sales achieved [on Nov 11] reflect the confidence and interest of buyers and investors in this up-and-coming residential enclave”, adds Soilbuild’s Lim.
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At J’den, CapitaLand Development reported that 323 units (88%) were sold on Nov 11, the first day of launch. The average price achieved was $2,451 psf.
Preview crowd at Hillock Green, the 474-unit development at Lentor Hills estate in the northeast region (Photo: Hillock Green)
Integrated development
A redevelopment of the former JCube mall, J’den is strategically located in Jurong Gateway, the commercial hub of JLD. Comprising a 38-storey residential tower above a two-storey retail podium, J’den is set to become the tallest mixed-use development in JLD.
“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,” says CapitaLand Development (Singapore) CEO Tan Yew Chin.
When completed in 2028, J’den will be directly connected to the Jurong East MRT Interchange Station and the neighbouring buildings via J-Walk, a covered and elevated pedestrian crossing. JLD will eventually be served by four MRT lines — the existing East-West and North-South Lines, with Jurong Region Line (which will come online in 2028) and Cross Island Line Phase 2 (scheduled to open in 2032).
In the future J’den will be linked to the Jurong East MRT interchange station and eventually to four MRT lines (Source: EdgeProp Landlens)
J’den will also be linked to the upcoming Jurong East Integrated Transport Hub, which includes an air-conditioned bus interchange, a public library, a community club, a sports centre and other commercial spaces. The integrated transport hub is scheduled for completion in 2027.
“The stellar performance at J’den demonstrates the continued interest and belief in the value of integrated developments yet again,” says Justin Quek, deputy CEO of OrangeTee & Tie.
According to CapitaLand Development, over 99% of the buyers are Singaporeans and Singapore Permanent Residents, with nearly 60% aged 40 years or below. About 62% of the buyers currently reside in the western region of Singapore.
The 40-storey J’den is set to be the tallest tower in Jurong Lake District and will be linked to the Jurong East MRT interchange station and the neighbouring buildings via the J Walk elevated pedestrian bridge (Photo: Samuel Isaac Chua/EdgeProp Singapore)
One- and two-bedroom units sold out
“Buyers are excited about this project owing to its convenient location in JLD, proximity to the Jurong East MRT Interchange Station, and attractive pricing starting from $2,100 psf,” says Ismail Gafoor, CEO of PropNex. “Even though J’den has set a new benchmark launch price for that locale, many buyers are confident to enter the market to purchase units.” Gafoor credits the strong sales to J’den’s locational attributes and potential for capital upside when the plans for JLD are fully realised.
The units at J’den are a mix of one- to four-bedroom units, ranging from 527 sq ft to 1,485 sq ft. 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.
All 148 units of one- and two-bedroom types at J’den have been sold out (Photo: Samuel Isaac Chua/EdgeProp Singapore)
There has not been a new launch in Jurong East for a decade before the launch of J’den, notes Mark Yip, CEO of Huttons Asia. “The pent-up demand and the desire from buyers to stay in the heart of JLD led to brisk sales,” he says.
The last project launch in Jurong Gateway was the 738-unit J Gateway in 2013, which was also sold out in a day, notes Ken Low, managing partner of SRI.
While there was a good mix of owner-occupiers and investors at J’den, the proportion of investors was higher for the one- and two-bedroom units, which were entirely sold, adds Low. “The transacted rental rates at J Gateway are similar to those in the Core Central Region,” adds Low. “That, in turn, drew investor interest to J’den.”
Of the five residential sites in Lentor Hills estate, Hillock Green is the closest to the mall at Lentor Central and the Lentor MRT station (Source: EdgeProp Landlens)
Competition in Lentor
Unlike in Jurong Gateway, where the last project launch was a decade ago, at the new Lentor Hills estate, Hillock Green is the third project to be launched in 14 months. “Unlike J’den, Hillock Green faces more competition due to the ample stock of new homes in the area,” says PropNex’s Gafoor. “Pent-up demand is less intense since there were recent launches there.”
Three more new projects are in the pipeline for launch in Lentor Hills in the coming year, notes OrangeTee & Tie’s Quek. “Hillock Green achieved healthy sales on launch day, considering buyers have more options in this location.”
The maiden launch in Lentor Hills was the 605-unit Lentor Modern, with a 96,000 sq ft retail mall and direct underground link to the Lentor MRT Station. Launched in September 2022, 84% of the units were sold at an average price of just over $2,100 psf on its opening weekend. The project is 95% sold to date at an average price of $2,101 psf.
The second project launched was in July, and it was the 598-unit Lentor Hills Residences. On the first weekend of launch, half the units were taken up. Based on caveats lodged, over 70% of the units have been sold at an average price of $2,084 psf.
With two-bedroom units priced from $1.2 million, Hillock Green is one of the most affordably priced two-bedders in the market today (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Healthy balance’
Hillock Green is just across the road from Lentor Modern and, when completed, will have a sheltered walkway to the Lentor MRT Station 150m away. “Buyers like the private residential enclave and URA’s plans for the Lentor precinct,” observes Huttons’ Yip. “It probably has the widest frontage along Hillock Park.”
Buyers at Hillock Green were “a healthy balance” of upgraders, first-time homebuyers, and investors from across Singapore, with a significant number living within the Ang Mo Kio Planning Area and the northeast region, according to Soilbuild Group’s Lim.
Neighbourhoods within the Ang Mo Kio Planning Area include Ang Mo Kio, Bishan, Hougang and Seletar, says ERA’s Chu. Hence, buyers include private and HDB upgraders from these areas, he adds. “In the past two years, some 16,000 HDB units in the north have attained their minimum occupation period (MOP). They make up the next wave of HDB upgraders who may want to upgrade to a private home in the same area.”
SRI’s Low says investors believe that future housing demand for Lentor among upgraders and homeowners will remain strong. “They also drew reference from the strong capital gains this year at recently completed projects in the northeast region such as Riverfront Residences, Affinity at Serangoon, Florence Residences and JadeScape.”
The three 23-storey residential towers of Hillock Green which has the widest frontage along the neighbouring Hillock Park (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Well-positioned projects to stand out
The launch of Hillock Green and J’den will be followed by the private preview of the 180-unit, freehold luxury condo Watten House by a joint venture between UOL Group and Singapore Land Group.
Before the two project launches in November, there was a three-month lull after five projects were launched in the first two weeks of August: the 306-unit The Lakegarden Residences (23% sold on launch day) and the 360-unit Altura executive condo (61% taken up on launch day) on the weekend of August 6-7; followed by the 324-unit TMW Maxwell (seven units sold on launch day), 78-unit Orchard Sophia (over 24% sold on the first weekend) and 105-unit The Arden (26% sold on launch weekend) on Aug 13 and Aug 14.
“While the primary market saw moderating performance in the last few months, Hillock Green and J’den demonstrate that there is healthy demand for well-positioned projects with positive attributes,” says OrangeTee’s Quek.
New home sales could end the year with 6,000 to 6,500 units, estimates Huttons Data Analytics senior director of research Lee Sze Teck. He adds that prices of new homes will likely increase by more than 5% for the whole year due to higher inflation and resilient demand.
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