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"Mapletree Industrial expects higher demand for space at its two buildings." - Jurong is a rich hunting ground for businesses.

"Property attract foreign buyers due to greater accessibility (hotel, hospital, malls) and vibrancy (Jurong Lake Park nearby) - Change of taste and preference

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Article 3 - Jurong Property prices get boost 

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Article 3 - Jurong Property prices get boost 

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Property owners in the Jurong Lake District are rejoicing following the announcement that Singapore's high speed rail terminus will be located in Jurong East, media reports said.

Consultants expect the new terminus to spur property prices and stimulate retail and commercial activity in the vicinity.

In fact, they noted that the district is well set up to take advantage of the boost.

Jurong East is the interchange of major MRT lines, the east-west, north-south and upcoming Jurong Region Line, making it convenient for commuters, noted Desmond Sim, CBRE head of research for Singapore and South-east Asia.

The area is also a rich hunting ground for business space.

Jurong Gateway, which offers 500,000 sqm of offices, 250,000 sqm of retail, food and beverage and entertainment space and 2,800 hotel rooms, will become "the most ideal suburban location for company headquarters, business services, education and science and technology sectors," said Cushman & Wakefield research director Christine Li.

New entrants could include businesses in Malaysia, especially companies from areas such as Malacca, Nusajaya and Batu Pahat - stops on the high speed rail line.

Meanwhile, retailers noted that the Jurong area is poised to attract a "larger catchment of shoppers and office workers with new developments including the high-speed rail terminal", said Jenny Khoo, general manager of mixed-use development Jem.

A Mapletree Industrial Trust official expects higher demand for space at its two buildings once the rail line is ready.

MCL Land, which is currently developing Lakeville in Jurong West Street 41, was awarded a nearby condominium site in March.

Chief executive Koh Teck Chuan expects the two projects to attract more foreign buyers given the area's greater accessibility and vibrancy.

In Q1 2015, prices of non-landed property in Jurong fell eight percent from the previous quarter to $947.15 psf on average due to the government's cooling measures. However, average non-landed rents increased six percent over the same period to $3.30 psf per month, revealed PropNex Realty chief executive Mohamed Ismail.

"Property prices in this developing region are expected to slowly appreciate over the next decade," he added.
Image: Aerial view of Jurong. (Photo by Jpatokal; Wikimedia Commons) Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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Property owners in the Jurong Lake District are rejoicing following the announcement that Singapore's high speed rail terminus will be located in Jurong East, media reports said. Consultants expect the new terminus to spur property prices and stimulate retail and commercial activity in the vicinity.

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Jurong property prices are up 1%, just a week after location of terminus announced, projected to rise by 5% after terminus complete. Quantity supplied increased, quantity demanded decrease.

Singapore-Kuala Lumpur High Speed Rail terminus will only be ready after 2020, but the impact on property prices in the Jurong vicinity can already be felt. Large number of buyers in Jurong property market, demand for Jurong property market increase.

Sellers are advised to hold on their property for time being, as prices are expected to continue rising in future. Expectation of sellers. Therefore, lesser sellers in Jurong property, supply decrease in Jurong property.

Buyers are advised to buy now, within one or two years time. Anticipation of future prices. Buyers expect price to increase in future, buyers buy now, before the price continue to increase more. If buyer also expect their money income to increase in future, they buy now in anticipation of increase in money income. Demand for Jurong property increase.

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Great Eastern Life among several firms in CBDs shifting to Jurong East. Change of taste and preferences, Staying in CBD are the opportunity cost of moving to Jurong East.

Not only Jurong East to benefit from upcoming developments, more demand for businesses and amenities in nearby areas like Clementi and Bukit Batok. Positive spillover/externalities happens. It will affect neither the buyer or seller of the property, but instead increase income for tenants/shops there due to several new shopping malls, hotel, hospital etc.

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Spillover/Externalities

Expectation of future price/income

No. of buyers/sellers in market.

Taste and preferences.

Change in quantity demand/supply.

Change in demand/supply.

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Article 1 - Jurong Property Price Rise After High Speed Rail Announcement 

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Article 1 - Jurong Property Price Rise After High Speed Rail Announcement 

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The Singapore-Kuala Lumpur High Speed Rail terminus will only be ready after 2020, but the impact on property prices in the Jurong vicinity can already be felt.

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SINGAPORE: Property prices in Jurong are projected to increase by up to 5 per cent once construction of the Singapore-Kuala Lumpur High Speed Rail terminus is completed.

In fact, some agents said prices are already up 1 per cent, just a week after the location of the terminus was announced.

The Singapore-Kuala Lumpur High Speed Rail terminus will only be ready after 2020, but the impact on property prices in the Jurong vicinity can already be felt.

Jurong is slated to be Singapore's second Central Business District, and analysts expect the area to attract more manufacturing companies, schools, as well as entertainment.

Ms Susan Mariam, associate director of property agency OrangeTee, advises property owners to hold on to their properties for the time being. "With regard to selling and buying, especially sellers who have a property in Jurong ... if they can hold on to their property, it's better for them to hold on till everything is settled after seven years," she said.

Ms Mariam added that those looking to purchase property in Jurong in light of the announcement should strike while the iron is hot. "For those buyers who have the intention to buy in Jurong because of the new development, I believe it's better for them to grab it now, within one or two years' time."

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singapore-kuala lumpur high speed rail terminus

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Jurong property prices up after High Speed Rail announcement

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The Singapore-Kuala Lumpur High Speed Rail terminus will only be ready after 2020, but the impact on property prices in the Jurong vicinity can already be felt. Share on Facebook Share on Twitter Share via E-Mail SINGAPORE: Property prices in Jurong are projected to increase by up to 5 per cent once construction of the Singapore-Kuala Lumpur High Speed Rail terminus is completed.

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Article 2- Jurong East Attracts Firms From CBD

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Article 2- Jurong East Attracts Firms From CBD

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Jurong East looks set to be Singapore's next commercial centre - and though it will attract different businesses from the current CBD, property consultants said the two are likely to complement each other, as economic connections grow over time.

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SINGAPORE: Great Eastern Life will be moving to Westgate Tower in Jurong East. It is among several firms, including German automaker Daimler and CPG Corporation, shifting to the west.

Already, Jurong East is seeing a major transformation - with several shopping malls, office buildings and even a hotel and hospital sprouting up in recent years. But this will gain further momentum, with the upcoming high-speed rail terminus to be sited at where Jurong Country Club now stands. Analysts said they expect to see more commercial properties coming up in that area - turning it into a key commercial node in Singapore.

According to property consultants, financial services and complementary industries are expected to remain in the current central business district (CBD), for proximity to the centre and each other. As for Jurong East, industries that would choose to locate there are likely to be more 'footloose'."

"Typically those companies that are more 'footloose', they don't really need a central location, yet they like certain amenities and agglomeration of firms together," said Dr Chua Yang Liang, head of research for Southeast Asia and Singapore at Jones Lang LaSalle Property Consultants. "If you look at the occupiers in and around the area, they're quite broad. You have oil and gas, lifestyle, some business services in there, IT firms. Going forward, I think how Jurong would shape itself out is I think there would be greater cumulation of these firms coming together."

However, how the two commercial nodes complement each other depends on both physical and economic connectivity.

"In the short term, I think how you get from the regional line to the local transportation network is important," said Dr Chua. "Increasingly over time, as the area develops, the economic connections, the businesses that are there, vis-a-vis those that are in the CBD - how are they related? Are there supporting services coming in from there?

"And the relationship with Malaysia as well. What kind of business and economic relations and links do they have? That would then provide the kind of connectivities to achieve the dream of having a leading commercial hub in the west."

Amid the upcoming developments in the area, some property experts said there could be space set aside for nature and recreation. They noted that the Jurong Country Club site, of which 20 per cent will be occupied by the terminus, was set out to be a green lung.

Said Mr Desmond Sim, head of research for Singapore and Southeast Asia at CBRE: "Country clubs, originally are like a green lung to the precinct and we shouldn't be intensifying the use or making it dense for the remaining 80%. It should remain a green lung. Maybe certain parts of the remaining 80% could be used to complement the surroundings of the terminus, but if the connectivity there should be a green lung stretching across to the Jurong Lake District and preserving the whole Lake District as a green entity."

Jurong East may not be the only area to benefit from upcoming developments. Analysts said these could help spur more demand for businesses and amenities in nearby areas like Clementi and Bukit Batok.

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Jurong East and current CBD likely to complement each other: Analysts

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Jurong East looks set to be Singapore's next commercial centre - and though it will attract different businesses from the current CBD, property consultants said the two are likely to complement each other, as economic connections grow over time. Share on Facebook Share on Twitter Share via E-Mail SINGAPORE: Great Eastern Life will be moving to Westgate Tower in Jurong East.

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MIEC Group Project brief (April 2015 Semester) (2)