Higher BSD rates for higher-value properties will come into effect in Singapore as of Feb 15, 2023. As per URA data, 15% of residential and 60% of non-residential properties valued at $1 million and above will be affected by the higher BSD rates. The new BSD rates are expected to impact 50% of private resale transactions, with the main brunt of the change expected to be borne by the new home sales market. CBRE Research, however, maintains its forecast of average private home price growth of 3% – 5% in 2023 and new home sales between 7,500 – 8,500 units. Impacts on the industrial sector are expected to be felt more, with transactions of good-quality assets still remaining competitive. Interest rates, expected to stabilise in the latter half of 2023, will also be key in determining the market outlook.In Singapore’s Budget 2023, the government introduced higher buyer’s stamp duty (BSD) …
The owners of Horizon Towers have relaunched the collective sale tender of the 99-year leasehold condominium for the fifth time. The reserve price remains unchanged at $1.1 billion, translating to a unit land rate of $2,049 psf per plot ratio, according to a press release by the marketing agent JLL.
This is the fifth time the owners of Horizon Towers have put the condo up for JCube Residence sale. The last tender in September 2022 closed without a successful bid. Before that, there was a tender at the same price in 2019 and 2018, and the first collective sale bid in 2007.
Located between Leonie Hill and Leonie Hill Road in prime District 9, the 1.9ha Horizon Towers site has been elevated and completed in 1984. The land tenure started in 1979, meaning that its lease still has 55 years left.
The marketing agent JLL notes that the Horizon Towers …
February 15th, 2023
The iconic JCube mall in Jurong East, Singapore, has been a staple of the community for the past decade. From its distinctive glass facade to its vast selection of leisure and edutainment activities, it has been a popular destination for both locals and tourists alike. But the mall’s days are numbered, as it is set to close its doors in August to make way for a 40-storey residential and commercial development known as JCube Residence.
For the staff of JCube, the news of its closure has been bittersweet. As the mall prepares to make way for the new development, its employees have been reflecting on their time spent at the iconic mall.
“It’s been a great experience working here,” said Chen Chia Chia, a customer service representative at JCube. “I’ve met so many wonderful people and made lots of friends. I’ve also had the opportunity to learn so much about …
February 15th, 2023
The closure of the iconic JCube mall in Jurong East, Singapore, is fast approaching. With August 2023 set as the official closure date, employees at the long-standing mall are facing a period of uncertainty and worry. As the scheduled closure date draws nearer, speculation is rampant as to what the mall’s future holds.
The closure of the mall is set to make way for the new JCube Residence, a 40-storey residential and commercial development that CapitaLand Development (CLD), the development arm of CapitaLand Group, has been granted provisional permission from Singapore’s Urban Redevelopment Authority to construct.
The mall, which has been operating for over a decade, has seen a steady decline in footfall over the past few years as customers flock to newer, trendy shopping malls in the area such as Westgate and IMM Building. This has had a detrimental effect on the mall’s many tenants, with some businesses, such …
February 15th, 2023
Development
The closure of JCube shopping mall in Jurong East, Singapore, is set to be a huge loss for many local food and beverage (F&B) outlets within the mall. One of them is Yung Yung, a bubble tea and yaowarat-style bun shop located at the mall. Founded in 2017, Yung Yung is the brainchild of two food enthusiasts who wanted to bring the best of both Taiwanese bubble tea and Chinese yaowarat-style buns to Singaporeans. The founders, who are also the owners of Yung Yung, are set to close shop and move out of JCube by August this year.
Bubble tea, or boba, is a popular beverage in Taiwan and other parts of Asia. It is made with tea, milk, sugar, and tapioca pearls. Yaowarat-style buns, on the other hand, are a type of Chinese steamed buns, filled with various ingredients such as pork, beef, mushrooms, onions, and carrots. Yung …
February 15th, 2023
The closure of JCUBE, a popular mall located in the Jurong East region of Singapore, is set to take place in August 2023 and the announcement has brought about a flurry of activity as the development arm of CapitaLand Group prepares to redevelop the site into a 40-storey residential and commercial development known as JCube Residence. With the impending closure of the mall, CapitaLand Development (CLD) is doing its part to ensure that the mall’s tenants and staff are supported during this transition.
The closure of JCube marks the end of an era and the impending transition to JCube Residence brings with it many challenges, particularly for the retail staff who work there. In order to ensure that these individuals are adequately supported, CLD has announced that it will be providing them with financial and employment support.
CLD has pledged to provide financial support to the retail staff of JCube …
February 15th, 2023
The beloved Jurong East shopping mall, JCUBE, is set to make way for a 40-storey residential and commercial development called JCube Residence in 2027. The news came as a shock to JCUBE’s tenants as it was announced by CapitaLand Development (CLD), the development arm of CapitaLand Group, that they had obtained provisional permission from Singapore’s Urban Redevelopment Authority to redevelop the JCube site.
JCUBE has been providing leisure and edutainment to the Jurong East region of Singapore for the past decade and its closure comes as a blow to its loyal tenants. Many of these tenants have been caught off guard by the news of the closure and are now faced with the challenge of finding a new place to operate their businesses.
Observers are estimating a S$2,000 to S$2,100 per square foot (psf) price tag for JCube Residence residential units of the new development, which will have commercial space …
February 15th, 2023
In light of Jurong East Central’s JCube Mall’s closure, national athletes and skaters are set to be affected by the loss of the facility, which has been home to Singapore’s first Olympic-sized ice rink since 2011.
First opened in April 2011, JCube’s Olympic-sized ice rink had been a popular venue for ice-skating, ice hockey and curling, attracting athletes and skaters of all levels. It was a place where recreational and competitive skaters alike could hone their skills, with a wide range of classes, workshops and camps offered. It was also the training ground for Singapore’s national athletes, with the Singapore Ice Hockey Association (SIHA) having used the rink for its national team training as well as for competitions.
The mall’s closure was announced in April 2021 due to a lack of visitors and its inability to generate revenue, which has affected not just business owners but also the athletes and …
February 15th, 2023
Jurong Lake District (JLD), Singapore’s largest business district, is set to bring in 100,000 jobs and 20,000 homes for Singaporeans. The 360-hectare district, located in the heart of the West, will be a vibrant and bustling hub for business and entertainment, offering quality offices, housing, amenities and abundant green spaces.
The development of JLD is part of the government’s plans to transform the West into an industrial and commercial powerhouse, with the aim to create a more liveable and vibrant environment for residents and businesses. By 2035, JLD will be served by four MRT lines, offering enhanced accessibility to the rest of the island, including direct connections to the CBD, Changi Airport and Jurong Innovation District (JID).
JLD is expected to create up to 100,000 jobs in areas such as finance, business services, retail, hospitality, technology and clean energy. With JLD’s close proximity to the port, businesses in the district …
February 15th, 2023
The closure of JCube mall in Jurong East Central marks the end of an era for the mall, but it also signalled the start of a new chapter for the area. CapitaLand Development’s involvement in the mall’s smooth handover process is a testament to its commitment to the area’s development and its commitment to improving the overall customer experience.
JCube mall, which opened in 2012, played an important role in the Jurong East Central area, providing retail, leisure and entertainment options to the local community. Despite its popularity, the mall closed its doors in March 2021 as part of CapitaLand Development’s plans for the integrated development of the area.
CapitaLand Development’s commitment to the smooth handover of JCube mall was evident from the start. As part of the process, it worked closely with key stakeholders and retailers to ensure a quick and efficient transition. This included engaging with the mall’s …