Ravi Chandran
The high-speed rail (HSR) project connecting Singapore with Kuala Lumpur is expected to deliver higher property prices and rev up commercial and retail activity in the Jurong Lake District area. The Land Transport Authority (LTA) has called for tenders for the design and construction of tunnels and associated facilities for the HSR and construction is expected to start next year.
“We called the tenders for the design and construction of twin bored tunnels and associated facilities on April 6, and the design and construction of cut and cover tunnels leading into the Jurong East terminus on April 11,” said an LTA spokesman. “We remain on track to commence the Kuala Lumpur-Singapore express service by 2026,” the spokesman added.
HSR is expected to cut travelling time from Singapore to Johor’s Iskandar to just 15 minutes from station to station. The Singapore government announced in August last year that in the next few years, it is considering the sale of large land parcels in Jurong Lake District. It aims to create 100,000 new jobs and add 20,000 new homes.
National Development Minister Lawrence Wong said at that time: “With that, we can create a critical mass of developments once the High-Speed Rail (HSR) terminus starts its operations by end-2026.”
The blueprint for the Jurong Lake District was first unveiled in the 2008 Master Plan when the area was earmarked as a new growth area. There is now some 160 hectares of land that is yet to be developed within the 360-hectare district. More than 40 per cent of the mixed-use business area is set aside for residential purposes.
Developments for the Jurong Lake District are centered around the Jurong East MRT station. With established businesses around the MRT station – like the International business park, IMM (a major shopping mall), along with other new shopping malls, a hospital, educational hubs, high rise offices and residential units – Jurong Lake District is looking very credible as a regional centre.
According to the URA’s Masterplan, most of the developments will be centred around Jurong Gateway for a start. Jurong Gateway is also most likely to be the crown jewel in the Jurong Lake District vicinity. With a catchment consumer base of Jurong East HDB dwellers and the Lakeside village (a designated dining place) the Jurong Lake District is likely to be developed fast and find success quickly. Good tenants at Lakeside village may bring people closer to enjoying the lakeside. Lakeside village is connected via bridges to Japanese Garden and Chinese Garden, bringing lakeside enjoyment to the residents staying nearby.
Projects along Yuan Ching Road are yet to be developed, but once this area develops with waterfront hotels, it would revitalize the area, and the Jurong Lake District could become a reality much sooner – in 5 – 7 years time. Some HDB flats around Ho Ching road area in the Jurong Lake District are built in 1972, and are 42 years old and are ripe for selective en-bloc redevelopment.
Those that are looking to buy a property in the Jurong Lake District would first need to consider if you qualify for home and/or commercial loans. You may want to seek the opinion of a Qualified Singapore Mortgage Broker to find out more about loan financing options.
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