Interest in Lakeside is likely to increase due to the government’s latest plans for the Jurong Lake District. The said plan was announced during the National Day Rally.
With the latest plan, even residents in the area would be benefitted as new establishments and enhanced sceneries will soon be observed which include the New Science Centre. The most awaited Jurong Region Line and Cross Island Line plus the highly-anticipated development of Singapore- Kuala Lumpur High Speed Rail are expected to improve the traffic flow in the area and offer alternative transport options.
It has been observed that prices in Lakeside of the Jurong Dsitrict have increased in the past years. From projects offered at S$440 psf in 2003 $1,020 psf n 2010- the increase is significant.
Lakeville and its 696 units (the latest launch in the area) have been offered at the median price of S$1,300 psf. At the end of August, only two units remained vacant out of the 230 units that were launched in April.
MCL Land is also enjoying the effect of the announcement as they have received more and more inquiries of their project in the area. According to the General Manager of the company- Ms. Loh Lee Hong- they have turned the keys of at least 17 units just in the past months alone. She further mentioned that they are expecting to launch the 2nd phase of theproject before the end of the year. However, the amount it would be offered is still being determined.
Compared with Jurong Gateway, the latest commercial district in the area, Lakeside rises at a less crowded location. 12 months passed and the median resale price is between $706 (Lakepoint Condominium) to $1,263 psf as offered by The Lakefront Residences based on the date shared by Squarefoot Research. The Lakefront Residences has recently received its TOP or temporary occupation permit.
Further, rental rates remained strong in the area with an average price of above $3 psf per month. Yield for rental is also considered high at 3.9% during the first half of the year. Caspian and The Lakeshore have the highest gross yield in rent which is almost 4% – a figure higher than yield all over the island which is 3.7%.
Lakeville and The Lakefront, the latest addition in the condo projects in the area are expected to enjoy the demand in lease- especially that tenants are now working at the Western technological area. Both of the developments are anticipated to be launched in December under Government Land Sales program or GLS.