Lakeside to get boost from future amenities

Jurong Massive MakeoverLakeside is probably best known to Singaporeans as the home of the quaint, tranquil Japanese and Chinese gardens.

The area remains one of the quieter and less developed regions but it is set to get swept up in plans to develop the Jurong Lake District into a waterfront precinct for business, living and leisure.

Lakeside, along with the Jurong Gateway area, is in the 360ha Jurong Lake District, part of the Government’s plan to decentralise commercial hubs to the suburbs.

The development of a commercial and medical hub in Jurong Gateway will see a surge in the working population and medical tourists in the area. Market observers expect neighbouring Lakeside to benefit from the new lease of life in the area.

Buyers flocked to the launch of The Lakefront Residences in Lakeside Drive when it went on the market in 2010. The 629-unit project was sold out at a median price of $1,000 to $1,050 per sq ft (psf).

However, data from the Urban Redevelopment Authority showed that units were sold on the secondary market for a median price of $1,199 psf in the first quarter.

Median prices of The Lakeshore in Jurong West Street 51 were $1,055 psf, while Lakeholmz in Corporation Road sold units for a median price of $1,050 psf.

The latest private residential project to hit Lakeside will be MCL Land’s Lakeville in Jurong West Street 41. The 99-year leasehold development will feature one- to five-bedroom units ranging from 560 to 2,517 sq ft. Experts expect prices at the launch to fall between $1,250 and $1,350 psf.

Source: The Straits Times – 22 March 2014

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