The only EC that was launched in the Jurong East area was Westmere, some 30 years ago, in 1996. “Since then, there [has] been no new EC developments introduced [in] Jurong East, making this one of the most anticipated EC sites in the western region,” adds Sandrasegeran.
According to the Urban Redevelopment Authority’s URA Space portal, the site is estimated to span 1.49ha with a gross plot ratio of 5.0. URA estimates that the site could house some 735 residential units and that it will be launched for public tender in December.
Jurong East transformation
The Jurong East estate has undergone a significant transformation over the past three decades, evolving into a “major commercial and transportation hub”, alongside “extensive retail, employment and connectivity offerings”, says Sandrasegeran.
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“The site is expected to attract positive interest from buyers,” adds Sandrasegeran, citing Jurong East’s growing appeal as a live-work-play destination.
The “mature and well-populated” area also has a “ready catchment of demand” from “Housing & Development Board (HDB) upgraders” residing nearby, notes Leonard Tay, head of research at Knight Frank Singapore. The government’s “plans to decentralise employment zones to Jurong East also add to the site’s appeal”.
The EC plot is also “within walking distance to the upcoming Toh Guan MRT Station on the Jurong Region Line, Yuhua Primary School, as well as the Yuhua Village Market and Food Centre”, adds Kelvin Fong, CEO of PropNex. “Its proximity to the Jurong Lake District (JLD) and commercial offerings in Jurong East could also make this future EC project attractive to buyers.”
The price point of the upcoming project at this site may also contribute to demand among buyers, notes Christine Sun, chief researcher and strategist at Realion Group (OrangeTee & ETC). “As a highly developed estate, [upcoming] new launch [at the site] will provide an affordable entry point for buyers looking to secure a home in this area,” she adds.
Strong developer interest expected
With only one recent EC launch in the western region at Senja Close, the “Jurong East Avenue 1 site will be on developers’ radar”, says Marcus Chu, CEO of ERA Singapore.
In addition, since the EC rules were changed in May, the remaining EC sites for tender and launch are at Canberra Drive and Sembawang Drive — both in the North.
As such, “the lack of nearby competition [in the western region] will benefit the developer”, adds Chu, adding that the upcoming project at the Jurong East site is expected to appeal to buyers who “recognise the long-term growth potential of the JLD”, Singapore’s largest planned business district outside the Central Business District.
Huttons Asia’s Yip shares a similarly upbeat view despite the recent EC policy changes. “The first EC site in Jurong East in 30 years since Westmere in 1996 is expected to draw very strong interest despite the change in EC policy,” says Yip.
He estimates that bids could reach “as high as $750 psf per plot ratio”.
