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Homes in the west see healthy buyer demand

By EdgeProp Team

/ EdgeProp |

October 20, 2018 8:00 PM SGT

Since development plans were announced in 2008 for Jurong Lake District to become Singapore’s second CBD, there has been healthy interest in homes located in the west. Take, for example, Twin Vew on West Coast Vale, which is a four-minute drive from Jurong Gateway, the new CBD. The development saw 442 out of a total of 520 units sold over its launch weekend in May, at an average price of $1,399 psf. So far, prices at Twin Vew have averaged $1,382 psf. There are only 66 units left for sale at the development.

Meanwhile, adjacent to Twin Vew is Parc Riviera, which was launched for sale in November 2016. Less than a year from its launch date, the 752-unit condo was fully sold by mid-September last year. Prices at Parc Riviera have averaged $1,222 psf.

Over the weekend of Oct 20, a new project will open for preview: City Developments’ (CDL) 761-unit Whistler Grand on West Coast Vale, located just across the road from Twin Vew. Offerings range from one- to five-bedroom units, from 441 to 1,442 sq ft. There will also be two five-bedroom penthouse units.

Alvin Tan, executive director and head of project marketing for PropNex International, believes homebuyers will be drawn to the “efficient” layout of the units. “[CDL] fully utilised and designed the spaces such that the units appear larger than what they are,” he says. Besides this, Whistler Grand will be designed with modern architectural finishes, such as full-glass cladding. “The development looks pretty similar to one that you would expect from an upscale condo in District 3,” Tan adds.

Property consultants expect the launch prices for Whistler Grand to rival those at Twin Vew and Parc Riviera. Tan expects, however, that absolute prices for units at Whistler Grand will be lower than for Twin Vew, as unit sizes at the former are smaller.

Meanwhile, a two-bedroom unit on the 20th floor of J Gateway changed hands for $1.15 million ($1,908 psf) on Oct 1. The 738-unit condo is a seven-minute drive from Whistler Grand and centrally located in Jurong Gateway. When it was launched in July 2013, the condo was almost fully sold by the end of the launch day, with only two units left. In 2013, prices at J Gateway averaged $1,467 psf, according to caveats lodged with URA. This year, resale prices at the condo have risen 21.4%, hitting $1,781 psf.

Tan believes the strength of the demand for J Gateway units is proof that people have bought into the plans for the Jurong area. Surrounding the condo are malls such as Westgate, JEM and JCube. Farther south, there is the 37ha International Business Park, housing firms in the tech sector and other know ledgebased industries.

Meanwhile, in The Centris, on Jurong West Central, prices in 2018 have averaged $1,052 psf. This is a jump of 63.9% from $642 psf in 2009, a year after plans for the Jurong Lake District was announced.

In Jurong East, average prices fetched at Parc Oasis have risen 58.7%, from $562 psf in 2009 to $892 psf in 2018, according to caveats lodged with URA. Parc Oasis is a four-minute drive to Jurong Gateway. The latest transaction at Parc Oasis took place on Oct 1, when a three-bedroom unit on the 14th floor was sold for $1 million ($815 psf).

Nicholas Mak, executive director at ZACD Group, believes the postponement of the Kuala Lumpur-Singapore high-speed rail (HSR) terminus will not affect the residential property market in Jurong. Mak points out that the migration of offices to the west will lead to an increase in job opportunities, which will spur an increase in demand for private residential units in the area.

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