Mar 24, 2014
Known for the lush Chinese and Japanese gardens, Lakeside remains one of Singapore’s less developed regions. But all that is set to change with the government’s plans to transform the area into a waterfront precinct for business and recreation, media reports said.
Lakeside is also expected to benefit from the surge of workers and medical tourists at nearby Jurong Gateway due to an upcoming medical and commercial hub there, experts said.
“There is no denying the potential for capital and rental growth in the medium to long term. Jurong Gateway is currently a bustling regional centre,” said Elaine Chow, Executive Director for Research at Chesterton Singapore.
“It is only set to grow bigger, more vibrant and dynamic as a commercial and medical hub with the completion of Westgate, Big Box and the Genting Hotel, a 700-bed Ng Teng Fong General Hospital and 400-bed Jurong Community Hospital,” she added.
Lakeside and Jurong Gateway are within the 360ha Jurong Lake District, which is part of the authorities’ plans to spread out commercial hubs to suburban areas.
As a result, prices of existing properties in Lakeside are increasing significantly.
For instance, units at The Lakefront Residences in Lakeside Drive were sold on the secondary market at a median price of $1,199 psf in Q1 2014, according to URA data. The 629-unit project was previously sold out at a median price of $1,000 to $1,050 psf when it was launched in 2010.
In addition, Lakeholmz along Corporation Road and The Lakeshore at Jurong West Street saw very encouraging price gains in 2013, with median prices at S$1,050 psf and $1,055 psf respectively, noted Ong Kah Seng, Director at R'ST Research.
“The Lakeshore's prices increased by about eight percent last year, whereas Lakeholmz's prices increased about 12 percent.”Meanwhile, MCL Land’s Lakeville (pictured) in Jurong Lake Link is poised to become the newest housing project in Lakeside. Featuring one-to five-bedroom apartments of varying sizes, prices at the 99-year leasehold project are expected to range from $1,250 to $1,350 psf.
Image source: www-lakeville.netInfo courtesy - Propertyguru.com.sg