With the announcement of the closing of JCUBE in Jurong East, Singapore to make way for the upcoming JCube Residence, the real estate market in the area is set to be greatly impacted. The potential new launches, together with JCube Residence, will help to alleviate pent-up demand for housing in the Jurong Lake District (JLD), given the lack of new condo launches in recent years.
Experts are expecting the new JCube Residence to have an average selling price of S$2,100 psf and upwards, which is aligned with recent launch prices of other developments outside of central Singapore. This is likely to have a spillover effect on the Bukit Batok and Clementi areas, boosting home prices in the resale market.
The new JCube Residence development will be connected to Jurong East MRT interchange, Westgate and IMM Building via J-Walk, a covered elevated pedestrian network. It will eventually be linked to the upcoming Jurong East Integrated Transport Hub, which will have a bus interchange, public library, community club, sports centre and other amenities in the vicinity.
The redevelopment of JCube for JCube Residence, together with the other potential launches in the area, will be a welcome development for the region. This is especially so for those looking for affordable suburban housing, as the perfect price will still garner interest.
The move by CapitaLand Development (CLD) to redevelop the JCube site will also complement the Singapore government’s plans to bring new businesses, recreational facilities and amenities to the JLD. This is in line with the government’s vision to transform Jurong into the largest commercial hub in the western part of Singapore.
In conclusion, observers are estimating a S$2,000 to S$2,100 per square foot (psf) price tag for JCube Residence residential units of the new development. The redevelopment of JCube for JCube Residence, along with the other potential launches in the area, will help to alleviate pent-up demand for housing in the Jurong Lake District. This is expected to have a positive impact on the real estate market in the area, boosting home prices in the resale market and making the area more attractive for those looking for affordable suburban housing.
The recent news of CapitaLand Development (CLD) being granted permission to redevelop the JCube site in the Jurong East region of Singapore has sparked anticipation for potential JCube Condo residential launches in the area. With the upcoming JCube Residence residential and commercial development, as well as a 6.8-hectare mega white site on the confirmed list of the first half of the 2023 government land sales programme, home prices in the region are expected to see a boost.
The JCube Residence development is slated for completion in 2027 and is expected to have commercial space on the first and second storeys. It will be connected to Jurong East MRT interchange, Westgate and IMM Building via J-Walk, a covered elevated pedestrian network in the Jurong Lake District (JLD). Eventually, it will be linked to the upcoming Jurong East Integrated Transport Hub, which boasts a bus interchange, public library, community club and sports centre, amongst other amenities. CLD is expected to launch the new development for sale in the second half of 2023, but exact details of pricing as well as the number and size of the units, have yet to be disclosed.
The white site, which comprises three plots of land, is set to be sold to a master developer who will build up to 375,000 square metres (sq m) in gross floor area (GFA) in the next five to 10 years. This includes 1,760 private homes, 150,000 sq m of office space, and 75,000 sq m of complementary uses such as for retail, hotel or community.
Property analysts are expecting the new JCube Residence to have an average selling price of S$2,100 psf and upwards, aligned with recent launch prices of the outside of central region developments. Together with the new JCube development, the potential launches will help to alleviate pent-up demand for housing in Jurong and boost home prices in the resale market.
These potential new launches in the area are set to bring new homes, along with new businesses, recreational facilities and amenities to the JLD. This, in turn, will likely have a spillover effect on the Bukit Batok and Clementi areas, as demand for affordable suburban housing remains relevant.
The closure of JCube marks the end of an era and make way for JCube Residence location. However, the new developments in the area are expected to bring new opportunities for homeowners in Singapore.