Redevelopment of JCube Shopping Centre to JCube Condo Residence to Bring New Homes in Jurong East
JCube Condo Residence redevelopment of JCube will complement the Singapore government’s plans to bring new homes, along with new businesses, recreational facilities and amenities to the JLD, CLD noted. JCube Condo Residence also adds to anticipation over potential residential launches in the vicinity, including a 6.8-hectare mega white site on the confirmed list of the first half of the 2023 government land sales programme.
JCube Condo Residence white site, which comprises three plots of land, will be sold to a master developer which will build up to 375,000 square metres (sq m) in gross floor area (GFA) in the next five to 10 years. This includes 1,760 private homes, 150,000 sq m of office space, and 75,000 sq m of complementary uses such as for retail, hotel or community.
Together with the new JCube development, the potential launches including JCube Condo Residence condo will help to alleviate pent-up demand for housing in Jurong, given the lack of new condo launches in recent years, noted property analysts. “Residential homes in Jurong Lake District may be attractive in the long term, as regions zoned for infrastructural growth and substantial transformational works tend to see faster capital appreciation,” said Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.
The potential new launches will likely boost home prices in the resale market and possibly have a spillover effect on the Bukit Batok and Clementi areas near to JCube Condo Residence, said Lee Nai Jia, PropertyGuru’s head of real estate data intelligence, digital and software solutions. In terms of pricing, Lee expects the new JCube residential project to have an average selling price of S$2,100 psf and upwards, aligned with recent launch prices of the outside of central region developments.