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Lakeside Boosted By New Developments, Singapore

Posted by Jayson Ang on September 3, 2014
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Find out which Project will benefit from Jurong Transformation Masterplan.

Lakeside residents will get to enjoy an improved transportation system, with the upcoming Jurong Region Line and Cross-Island Line.

Fresh plans for the Jurong Lake District, announced at the recent National Day Rally, should further boost interest in Lakeside, a largely residential enclave which has been steadily gaining in popularity, analysts say.

Residents in the area are set to enjoy an expanded Jurong Lake Gardens which will include the new Science Centre.

Traffic in the district will also be improved by the upcoming Jurong Region Line and Cross-Island Line. The terminal for the Singapore-Kuala Lumpur High Speed Rail may be sited there too.

Prices in Lakeside have trended upwards over the last few years – from projects launching as low as $440 per sq ft (psf) for Lakeholmz in 2003, to $580 psf for Caspian in 2009, and $1,020 psf for The Lakefront Residences in 2010.

At 696-unit Lakeville, the latest project to launch in the area, in April, the average price is $1,300 psf so far. As at the end of last month, just two of the 230 units launched in April were unsold.

Since the National Day Rally news, developer MCL Land has been seeing more inquiries and interest in the project, said Ms Loh Lee Hong, general manager of marketing for MCL Land.

It has sold more than 17 units in the past month alone, she said.

The launch of a second phase is expected in the fourth quarter of this year, with prices not yet fixed, she said. Unlike its neighbour, the budding commercial district Jurong Gateway, Lakeside has developed into a less crowded town popular with Housing Board upgraders.

Over the past 12 months, average resale prices have ranged from $706 psf at the 31-year-old Lakepoint Condominium to $1,263 psf at The Lakefront Residences, which recently obtained its temporary occupation permit (TOP), data from Squarefoot Research showed.

The area has seen fairly strong leasing activity, with rents in newer condos averaging higher than $3 psf per month, said R’ST Research director Ong Kah Seng.

Rental yields have been fairly high as well, with gross yields of about 3.9 per cent in the first half of this year, he added. Two-year-old Caspian and six-year-old The Lakeshore have the highest gross rental yields in the area of about 4 per cent.

In comparison, gross yields islandwide was about 3.7 per cent over the same period.

Noting that developments have consistently seen high leasing interest, with at least 10 leases signed at each development in each quarter in recent years, “the location is well-tested in leasing demand and investment potential”, said Mr Ong.

The additional two condo projects – The Lakefront Residences and Lakeville – should still see sufficient leasing demand, with a ready pool of tenants working in the western technological corridor, he added.

Developers may also take an interest in a 99-year leasehold residential site above Jurong Lake, in between The Lakeshore and Lakeville, which will be launched in December through the Government Land Sales Programme.

The 1.85ha site is expected to yield about 575 homes.

“The area has aroused interest for quite some time. Given the number of announcements (on Jurong Lake District), larger developers taking a long-term stance may look to it as an opportunity,” said Dr Chua Yang Liang, Jones Lang LaSalle’s head of research for Singapore and South-east Asia.

“However, with the actual location of the High Speed Rail terminal still unknown, smaller developers’ interest may also be limited.”

Source : The Straits Times, 30 August 2014

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