The upcoming launch of MCL Land's J Gateway in Jurong East with prices in the bullish region of $1,600 per sq ft (psf) is set to test buyers' appetite for suburban homes.Average prices of homes at the 738-unit development are expected to range from as high as $1,650 psf for a 474 sq ft one-bedder to $1,450 psf for a 1,163 sq ft four- bedder.
One agent said he has received over 100 queries from interested buyers in the past three weeks.
In comparison, developments launched in the area in the last few years are further from Jurong East MRT station - The Lakefront Residences, launched in 2010, is two MRT stops away while Parc Oasis is at Chinese Garden MRT station.
Based on the Government's Master Plan 2008, the 70ha Jurong Gateway encompasses amenities such as the Jurong East MRT station, existing and upcoming malls like Jem, J Cube, Westgate and Big Box, and Ng Teng Fong Hospital.
In due course, a new hotel will be developed in Jurong Gateway - a site there was bought for $238.2 million in November by Resorts World Singapore, a unit of Genting Singapore.
Jurong Gateway is one of two zones - the other being Lakeside - that make up Jurong Lake District.
Other consultants say prices at 99-year leasehold J Gateway are not far off from what other condos are also asking.
Prices of units at Keppel Land's The Lakefront Residences in the Lakeside area are at $1,434 psf for a 495 sq ft unit, and are expected to inch up.
That in turn, might lift resale prices of older condominiums such as Parc Oasis, which are at $1,022 psf for a 1,076 sq ft unit.
Source: The Straits Times –12 June 2013
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