Tuesday, 30 September 2014

Should you Invest in Lakeside & Jurong Lake District?

I'm sure many of us, including me have watched the news and have already been aware of the Government's plans to begin their Master Plan to develop Jurong Lake District area, especially during the National Day Rally 2014.


The plans include a revamp of the Science Centre and will be situated at its new premises at Jurong
Lake Gardens.

The Jurong Lake District consists of Jurong Gateway and Lakeside and URA has plans of developing it into a business and leisure destination.



Attractive business address

The 70 ha Jurong Gateway around Jurong MRT station will be the biggest commercial hub with a unique lakeside setting outside the city, providing 500,000 sqm of office space. It will have a good mix of office, retail, hotel, entertainment, food & beverage (F&B) and other complementary uses. To add vitality and enable people to live and work in the area, 1,000 or more homes will be introduced around Jurong East MRT station.

With its close proximity to the International Business Park, industrial estates and research and educational institutions, Jurong Gateway offers a highly attractive location outside the Central Business District for company headquarters, business services as well as companies in the science and technology sectors.

Seamless connections

For a seamless commuter experience, all buildings and public transport facilities in Jurong Gateway will be accessible via a network of walkways at ground level and at the second storey where the MRT concourse is located. These will enable one to walk from place to place in comfort regardless of the weather.

Jurong Gateway will also be connected to Lakeside by a continuous, elevated landscaped deck. This begins at the concourse of Jurong East MRT station and runs all the way to the proposed lakeside village at Jurong Lake.


New thrills by the lake
Spread over 220 ha of land and 70 ha of water, Lakeside is envisaged to be developed into a major leisure destination for Singaporeans and tourists. Families can look forward to a new waterfront park and promenade, more water activities and a loop of attractions with the scenic lakeside setting.

The first anchor attraction is the new world class Science Centre which will be moved next to Chinese Garden MRT station. There are also plans to accommodate four to five new edutainment attractions targeted at families with young children.

A new waterway will be introduced to bring the lake closer to Jurong Gateway and create a new Lakeside Village which offers an alternative shopping and dining experience, with F&B, retail and entertainment uses and boutique hotels by the lake.


Furthermore, The Singapore- Kuala Lumpur High Speed Rail may come to Jurong, as Mr Lee has already offered Malaysian prime minister Najib Razak to site the Singapore terminus in Jurong.

Seeing as so many developments are taking place as we speak, and more developments are on the horizon, would it be an ideal investment choice to purchase a few condominium units?

I personally believe the value of the land will increase with time. Lakeside, was relatively unknown to me before this, being situated near to end of the West area in Singapore with large numbers of Singaporeans still unaware of it's existence.

I took a extremely long train ride to Lakeside to take a closer look at what it has to offer.

Picture Courtesy of Lakefront Residences

The nearby schools include: Yuan Ching Secondary, Fuhua Secondary School, Canadian International School, Shuqun Primary, Hua Yi, Hong Kah & Jurongville Secondary.

Polytechnics include Singapore Polytechnic(SP) at Dover MRT , Republic Polytechnic (RP) and Ngee Ann Poly (NP) which are both easily accessible by public transport compared to Nanyang Polytechnic (NYP) and Temasek Polytechnic (TP).

There isn't an immediate shopping centre or supermarket near Lakeside area which must be quite a drag for the residents in that area.

The closest supermarket would be at Jurong Point Shopping Centre, one MRT station away which was located at Boon Lay MRT.

Location wise, it seems to be an area with one long row of condominiums and a row of HDBs on the opposite.

Various condominiums include Parc Vista, Lakefront Residences, Caspian Condominium and Lakeholmz.

No immediate banks nearby, but branches can be found at Jurong Point and JEM which was 1 and 2 MRT stations away respectively.

Nearest Public Gym & Swimming Pool would be at Jurong East Swimming Complex which was located near Chinese Gardens.

In my opinion, Lakeside is a relatively nice area to stay in albeit the distance. However it can be further enhanced by the upcoming developments which include a new Lakeside Village.

If I have the money, I would consider investing in at least one apartment in this area. The condominiums seem mostly occupied.


Signing off,
Teenage Investor

7 comments:

  1. Hi TI

    The price at Jurong district area (due to the master plan unveiled) has not been particularly attractive. Some of them are as high as $1300 to $1500 psf and are challenging the downtown area. Of course, the future is good but just like the stock market, the news has been priced into the market. So investors need to think twice or thrice, just purely from the financial point of view.

    ReplyDelete
    Replies
    1. Hi B! Interesting, I am aware of the high prices too. Almost $1 million ++ for a 3 room condo unit + 1 bathroom.
      Wonder if future value may increase more than that, still waits to be seen, haha

      Delete
  2. Hey TI,

    Haha, it's so coincidental, I was do research on the west area for residential properties as well!

    Personally, I think that the Lakeside condos really suffer from an extreme lack of nearby amenities. Based on the URA master plan, there will not be any shopping centres around that immediate vicinity as well. No supermarket or hawker centre nearby :( The future prospects look bleak to me, unless the lake really becomes a hip and happening place, but I'm skeptical about that.

    As B mentioned, the psf prices in the Jurong district area are pretty... ridiculous. The prices I have in my notes are also 1300-1600 psf. Considering some of these new units were sold at 1000psf before construction started, I also think too much of the good news has already been baked into the prices.

    ReplyDelete
    Replies
    1. Hi GMGH!
      Agreed, the amenities are horribly miniscule. With the closest available food source to be the 2 food establishments at the MRT station itself. The Lakeside Village hopefully, will do more to help with that problem.

      Delete
  3. Lucky I managed to get a hdb bto near the area 3 years ago.

    ReplyDelete
    Replies
    1. Hi Chor Choon! Lucky for you! Haha! Intending to sell when prices are high?

      Delete
  4. actually there are quite a number of shops, banks, markets and even hawkers centres in this area which are not along the main roads.

    Street 51/52 shops & market is within walking distance from Lakeside MRT if you know where. Taman Jurong shopping center & market is on the other side if you ever heard of them before, is another option.

    You don't need to go Jurong Point or Jem if you need POSB or OCBC branch. Standchart, Hong Leong or even Singapura Finance are in the area too.

    Basically in Singapore, when you see HDB flats, chances are high to find some amenamenities nearby. Just need to explore the area in details.

    ReplyDelete