While Jurong may be considered ulu by some home buyers, Singapore’s industrial heartland is set to become a more vibrant and attractive neighbourhood to live in.
There are various factors contributing to the bright outlook, but three stand out as game changers.
First is the government’s ambitious master plan for the Jurong Lake District (JLD). There’s the construction of the upcoming Jurong Region Line (JRL) and the highly anticipated High Speed Rail (HSR) project linking Singapore with Kuala Lumpur.
Did you know that Jurong was once infested with crocodiles? Learn more about how Jurong has developed over the years.
The Second CBD
The government plans to transform the 360-ha JLD into the biggest commercial and regional centre outside Singapore’s central business district (CBD).
A bold vision that will see the construction of more than 20,000 residential properties and the creation of over 100,000 new jobs.
In addition to more commercial developments and green spaces, the area’s status as an industrial hub will be further strengthened as Jurong’s Tuas Port will handle all of the country’s container port operations by 2040.
New 24-Km MRT Line
The authorities are also planning to build a new railway network in Jurong, which will be Singapore’s 7th MRT line.
The 24-km JRL will have 24 new MRT stations and will start operating in stages.
Phase 1 will open by 2026 with 10 MRT stations along JRL (West) connecting Choa Chu Kang to Boon Lay and Tuas.
Phase 2 will begin operations by 2027, with seven MRT stations on JRL (East) linking Tengah with Pandan Reservoir.
Phase 3 will open by 2028, extending JRL into Jurong Pier in the south and NTU in the west.
Upon the JRL’s completion, commuters from Singapore’s northern region, particularly Woodlands, will enjoy shorter travelling times to Jurong.
Search for properties for sale near Jurong East MRT station.
Speedy Cross-Border Travel
Another game changer is the strong possibility that construction of the highly-anticipated KL-Singapore High Speed Rail will resume after being pushed back to 2020.
However, the rail line is expected to commence operations by 2031 instead of 2026 as originally planned.
When the 350-km cross-border railway is completed, Jurong East will benefit greatly as it has been earmarked as the terminus in Singapore. It is also expected to reduce the travel time between Singapore and KL from four hours by car to just 90 minutes.
These are major catalysts that will definitely boost Jurong’s property market.
This means there is a strong likelihood that property prices in the area will rise once the infrastructure has been completed as these mega projects will lead to better connectivity and greater economic activity.
According to URA data, median prices of private homes in District 22, where Jurong is located, fell in Q2 2018 to $1,091 psf.
While this is lower than the $1,166 psf recorded during the same period last year, this is a slight improvement from Q1 2018 when prices hovered below $1,050 psf.
Although private home prices in the area were lower in the first two quarters, this is likely to be temporary given the upcoming developments in the area.
With Jurong’s property market still recovering from the latest cooling measures and postponement of the HSR, it’s possible that values could remain depressed for the rest of the year.
And this period offers a golden opportunity to invest in Jurong property before values rebound next year.
Source From: https://www.propertyguru.com.sg