Jurong Lake District - A sustainable development in the West Region of Singapore and the largest business district outside the city - A property investment outlook

Jurong Lake District Development: A Property Investment Hotspot

The Jurong Lake District (JLD) is a major development project in western Singapore aimed at creating new business and leisure opportunities outside the Central Business District (CBD). In fact, it will become Singaporeโ€™s second-largest Central Business District (CBD) outside the city.

It will also be a model for urban sustainability under the Singapore Green Plan 2030, which is a whole-of-nation initiative that seeks to galvanise action from all sectors of society to build a more sustainable future for Singapore. This is in line with Singaporeโ€™s commitments under the UNโ€™s 2030 Sustainable Development Agenda and Paris Agreement, which aims to achieve the net zero emissions aspiration by 2050.

At the same time, it will spearhead Singaporeโ€™s ambition to be a carbon services hub and a leading centre for green finance in Asia and globally. According to Minister for National Development Desmond Lee, the government has "high ambitions for the Jurong Lake District (JLD) to be a demonstrative site for sustainable livingโ€.

 

Jurong Lake District Map

Jurong Lake District Map

Meanwhile, the Urban Redevelopment Authority (URA) is leading the development of the Jurong Lake District, with a focus on building commercial and residential developments, as well as amenities and recreational facilities. The goal is to transform Jurong into a hub for business, innovation, and leisure.

The plans for Jurong Lake District have continued to evolve since its blueprint was first unveiled in the URA Master Plan 2008.

It is a 410-hectare development that consists of four main precincts:

  1. Jurong Gateway - the existing commercial node around Jurong East MRT station featuring commercial and residential developments, as well as a slew of shopping malls like JEM, Westgate and IMM.
  2. Lakeside East - a new mixed-use precinct around the future Cross-Island Line station with a car-lite and park-like setting.
  3. Lakeside West - a complementary leisure and recreational precinct featuring the Chinese Garden and Japanese Garden. The area offers a scenic lakeside environment with pagodas, ponds, and greenery, serving as an important recreational and tourist destination.
  4. International Business Park - Singapore's first high-tech business park, it is a magnet for multinationals and startups alike. It offers office space, data centres, and R&D facilities next to shopping malls and Jurong East MRT station.

 

Key Timelines for Jurong Lake District Development

Below are the timelines for some of the key developments of Jurong Lake District:

2024: Complete rejuvenation of Jurong Lake Gardens (Chinese Garden and Japanese Garden)

2027: Expected completion of Jurong East Integrated Transport Hub and new Science Centre

2028: Expected start for the development of JLD Integrated Tourism Development

2029: Expected completion of Jurong Region Line (JRL). JRL will be completed in three phases from 2027 to 2029, with the JRL Jurong East station estimated to be completed in 2028

2032: Expected completion of Cross Island Line (Phase 2)

 

Jurong Lake Gardens - A Key Feature of JLD

The Jurong Lake Gardens is a key feature of the Jurong Lake District and a top attraction for residents and nature lovers in Singapore.

Offering a wide range of landscapes and activities for visitors of all ages, the 90-ha park consists of the Chinese Garden, Japanese Garden, and Lakeside Garden. Each of these areas offers a unique experience, with different flora, fauna, and landscapes to discover.

Chinese Garden -ย  A popular destination that takes inspiration from the classical gardens of Suzhou, China. The garden features a picturesque landscape, including a stunning bonsai collection, a pagoda, and a tranquil bridge.

Japanese Garden -ย  Another popular destination with traditional Japanese architecture, a koi pond, and a tea house for visitors to relax and enjoy its peaceful surroundings.

Lakeside Gardens - It offers a waterfront experience with a boardwalk, playground, and a variety of flora and fauna, including over 90 species of birds. Visitors can also participate in various outdoor activities such as cycling, skateboarding, fishing, and nature exploration. They can also take part in water sports like kayaking, canoeing, and paddle boating.

The Jurong Lake Gardens is equipped with a range of amenities to facilitate an enjoyable outdoor experience for everyone. These include children's play areas, restrooms, drinking fountains, food and beverage outlets, and shelters.

By providing a welcoming experience, the Jurong Lake Gardens offers visitors a chance to escape the hustle and bustle of the city, enjoy a leisurely stroll through various gardens, or simply appreciate the beauty of nature.

Hence, it is no surprise that it has become a popular destination for locals and tourists alike while contributing significantly to the overall development of the Jurong Lake District.

Therapeutic Garden at Jurong Lake Gardens.

Therapeutic Garden.

Forest Ramble and Children's Playground.

Children's Playground.

Meanwhile, below are some of the exciting developments taking place to transform the western region of Singapore.

 

Jurong Lake District - A Place to Live, Work and Play

In the next two decades, the government will be prioritising the sale of sites within the district, with more than 120 hectares of land available for development over the next 30 years.

With more flexibility in zoning, land tenure and phasing compared to other districts, companies can experiment with new development concepts and innovative ways to integrate live, work and play.

By 2040 to 2050, Jurong Lake District is expected to create 100,000 new jobs and 20,000 new homes, adding to the one million residents already in the West Region.

New mobility corridors will also be developed to make it easier to travel around the West. This will include a new 11 km-long sky corridor that allows pedestrians, cyclists and autonomous shuttles to move seamlessly within the precinct to nearby transport hubs and exciting lifestyle areas.

In addition, the future Jurong Canal Drive Extension will be designed for buses only. It will connect two โ€˜car-liteโ€™ districts - Tengah and Jurong Lake District - with existing footpaths and bike lanes widened and lined with shadier trees for a more pleasant walking and cycling experience.

Plans are also afoot to develop a new integrated tourism development within the district that will provide high-quality leisure activities and accommodation. This will bring more vibrancy to the precinct when fully developed (more on this below).

Jurong Lake District - Sky Corridor

Sky Corridor

Jurong Canal Drive Extension - Part of the Developement of Jurong Lake District

Jurong Canal Drive Extension

Upcoming Commercial & Residential Developments In Jurong Lake District

New Commercial and Residential Developments next to Jurong East Integrated Transport Hub

New Commercial and Residential Developments

To kickstart the next phase of development in Jurong Lake District, the government has released 6.5 ha of land that will be split into three plots. It is to be sold to one master developer who will have the flexibility to plan a mix of offices, private homes and other amenities.

Due to the magnitude of the project and in order to spread out the risk, five of Asiaโ€™s leading developers have come together to jointly submitted a bid to become the Jurong Lake District's master developer.

They are CapitaLand Development, City Developments Limited (CDL), Frasers Property, Mitsubishi Estate Co., Ltd. and Mitsui Fudosan (Asia) Pte Ltd. The strategic partnership brings together their combined expertise, with CapitaLand Development, CDL and Frasers Property holding a 25% stake each in the consortium, while Mitsubishi Estate and Mitsui Fudosan (Asia) hold a 12.5% stake each.

The three plots will be linked to the existing commercial centre at Jurong East MRT interchange station and the future JLD station of the Cross Island Line.

The planning parameters include at least 146,000 sq m of office space, about 1,700 residential units and 73,000 sq m of gross floor area for complementary uses such as shops, restaurants, entertainment, hotel, community uses or more offices. The project to create Singaporeโ€™s largest business district outside the city area, will be progressively completed over 10 to 15 years.

In the first phase, at least 600 private housing units, 70,000 sq m of office space, an early childhood development centre, a supermarket and a foodcourt will be built, according to URA.

They will be linked to the existing commercial centre at Jurong Gateway, the upcoming Jurong East integrated transport hub (currently under construction), and a new precinct located south of Jurong Town Hall Road bounded by Ayer Rajah Expressway (AYE).

The new precinct will be served by the future Jurong Lake District station (Cross Island Line) and Jurong Town Hall station (Jurong Regional Line). It will comprise mixed-use developments that include offices, retail businesses, residences, and green spaces.

The entire project will be linked by an elevated, ground level and underground pedestrian network. This will enable pedestrians to move around without the need to cross any traffic junctions, providing convenient to access facilities, parks and public transport nodes such as the three MRT stations (Jurong East, Jurong Lake District, & Jurong Town Hall) within 10 minutes by walking, cycling and public transport.

The proposed integrated development will be progressively completed over the next 10-15 years.

New Developments at Jurong Lake District

Land Plots for Development

The first land plot, which sits on part of the land that was formerly occupied by the old Jurong Country Club south of Jurong Town Hall Road, is available for development immediately.

The second plot, where the existing bus interchange is, will be made available in 2028 or 2029. The last plot, where the Jurong Region Line is being constructed, will be freed up from June 2026 onwards.

 

Seeking A Single Master Planner

The Urban Redevelopment Authority (URA) seeks to offer the entire project to a single master developer. This will allow it to draw up a comprehensive plan for the white sites while having the flexibility to "experiment with new development concepts and building typologies".

The master developer will be required to adopt district-level urban solutions such as a district cooling system and pneumatic waste conveyancing system. The URA said these systems will allow for a more efficient supply of chilled water and of waste disposal. This is in line with the plan to make the Jurong Lake District a model of sustainability that is also car-lite.

Due to the scale of the project, this may involve a joint venture with other local or foreign developers.

 

En bloc Redevelopments

Besides land being offered under the government land sale (GLS) programme for residential developments, new supply will also come from en bloc redevelopments.

In May 2022, Lakeside Apartments at Yuan Ching Road was sold to Winville Investment, a subsidiary of Singapore-listed Wing Tai Holdings. The developer has planned to turn the 12,465.4 sq m (134,177 sq ft) site into a 306-unit residential development with unobstructed views of Jurong Lake Gardens, which include the Chinese Garden and Japanese Garden.

The new development, known as Lakegarden Residences, was launched on 22 July 2023.

After Lakeside Apartments, Park View Mansions, also located at Yuan Ching Road, was sold en bloc in July 2022 to a joint venture of Chip Eng Seng Corporation, KSH Holdings and SingHaiyi. Located next to the Jurong Lake Gardens, they intend to redevelop the site into a condominium with up to 440 units known as Sora.

Meanwhile, Lakepoint Condominium, located about a 7-minute walk from the Lakeside MRT station, has attempted an en bloc sale. Currently, it is undergoing private treaty discussion.

The latest to join the en bloc fray in the area is Lakeside Towers. Located only about 220m from Lakegarden Residences (former Lakeside Apartments), it is expected to yield an estimated 395 apartments, if successful.

If you wish to receive updates on these developments, please WhatsApp Me.

 

New Integrated Transport Hub and MRT Stations

Currently, the district is served by three MRT stations โ€“ Jurong East (an interchange between the East-West and North-South Line), Chinese Garden (East-West Line), and Lakeside (East-West Line). In the not-too-distant future, the Jurong East station will be joined by the Jurong Regional Line.

New MRT Stations in Jurong Lake District

New MRT Stations

As part of the development of the Jurong Lake District, more MRT stations will be built. These include the Jurong Town Hall (Jurong Regional Line) and Jurong Lake District (Cross Island Line) stations. They are expected to be operational by 2028 and 2032, respectively.

The Jurong Regional Line, when completed, will offer convenient access to the Nanyang Technological University (NTU), a research-intensive and one of the leading universities in the world.

Meanwhile, the construction of the Jurong East integrated transport hub (ITH) is already in progress. Completion is expected in 2027.

An integrated transport hub is a fully air-conditioned bus station that is connected to an MRT station and nearby commercial developments such as shopping malls. The Jurong East integrated transport hub will include a 27-story building connected by a sky bridge to an 8-story building. These two buildings will house offices, retail spaces and other public facilities.

 

New Jurong Regional Library

The Jurong Regional Library will be relocated from its current site to the Jurong East integrated transport hub 400m away.

Set to open in 2028, the relocation is part of the plan to create a cluster that will include a community club and sports centre to serve residents in the West region. This will complement the vibrant commercial node around Jurong East MRT station.

The site of the current Jurong Regional Library is set to be replaced by a residential development with shops at the first storey, according to the updated URAโ€™s master plan. This is to inject more varied uses into the area as part of the broader effort to develop Jurong Lake District into the largest business district outside the city.

This will bring jobs closer to home and support Singapore's economic development.

 

Planned Integrated Tourism Development In Jurong Lake District

Integrated Tourism Development at Jurong Lake District.

Integrated Tourism Development

Recently, the Singapore Tourism Board (STB) has unveiled plans to develop a new integrated tourism development in JLD. It is envisaged to be a world-class destination that offers a mix of attractions, a hotel, retail, F&B, and entertainment, with themes focused on technology, edutainment, sustainability, and wellness.

Located adjacent to the new Science Centre and the Jurong Lake Gardens, this iconic development will help to strengthen and enhance Singaporeโ€™s tourism experiences in the post-pandemic world.

 

New Singapore Science Centre

A new science centre in Singapore is set to open in 2027 in the Jurong Lake District. it will be located next to the Chinese Garden MRT station.

It aims to be a one-stop destination for visitors to access STEM education and experiences. To achieve this, a new observatory and digital fabrication lab will be built.

The design of the new Science Centre is inspired by the natural landscape and lake setting at Jurong Lake Gardens. The building will consist of five interlocking rectangular blocks with large windows that will offer strategic views of the lake.

It will also optimize the use of the surrounding landscape, creating a structure that looks to be floating above the parkland and lake.

The new centre will include several new features such as a children's gallery, which will have its own interactive outdoor waterplay area, discovery trails in a secondary forest, and a sensory trail at the roof garden. There will also be specialized labs and workshops, and an outdoor activity plaza.

The focus of the new Science Centre will be on sustainability. Hence, it will adopt green technologies and intelligent building management systems to reduce energy use, as well as educate visitors on sustainability practices such as vertical farming systems, through programmes and exhibitions.

There are also plans to strengthen existing collaborations and grow new partnerships with local companies, schools, institutes of higher learning, and the community to co-create STEM programmes, exhibitions, and relevant activities.

To support experimentation and entrepreneurship, the centre will provide spaces for innovation. These include specialised labs, such as the Eco-Lab where students can conduct experiments in a garden environment, and indoor spaces where visitors can experiment with the new Science Centreโ€™s tools and technology.

New Singapore Science Centre in Jurong Lake District

New Singapore Science Centre

Singapore Science Centre Exhibition Gallery - Property Investment in Jurong Lake District

Singapore Science Centre Exhibition Gallery

Jurong Innovation District (JID) - An Advanced Manufacturing Hub

Map of Jurong Lake District, Jurong Innovation District, and Tuas Port.

Map of JLD, JID, and Tuas Port

In addition to the above-mentioned plans, the government has also implemented several initiatives to promote the Jurong Lake District as a hub for business, high technology, and innovation. This includes the Jurong Innovation District (JID) announced in 2019.

The Jurong Innovation District (JID) covers a 600-ha area that includes the Nanyang Technological University, JTC's CleanTech Park, as well as the Bulim, Bahar and Tengah areas and they are expected to create more than 95,000 new jobs.

Bulim Square is expected to be completed end-2024, which is part of the Singapore's government plan to usher in a new wave of sustainability research and collaboration opportunities at JID.

Envisaged as a new growth engine for Singaporeโ€™s economy, the JID is designed to be a hub for innovation and collaboration. It will bring together researchers, academics, entrepreneurs, and industry partners to work on cutting-edge projects and develop new technologies.

The district is being developed with a focus on key sectors such as advanced manufacturing, urban solutions, artificial intelligence, and smart logistics. The aim is to create a supportive environment that fosters innovation and entrepreneurship and to attract and retain talent in Singapore.

The district is being built with a range of facilities and amenities, including state-of-the-art research and development workspaces, co-working areas, incubation, and acceleration programmes. The aim is to create a live-work-play environment that promotes collaboration and creativity.

Besides being a major employment hub, the JID is another key initiative by the Singapore government to create a more innovative and sustainable future.

Jurong Innovation District - Property Investment Hotspot

Jurong Innovation District

Singapore Science Centre Exhibition Gallery - Property Investment in Jurong Lake District

Singapore Science Centre Exhibition Gallery

Jurong Innovation District - Property Investment Hotspot

Jurong Innovation District

Jurong Lake District, Jurong Innovation District and NTU Map Location

JLD, JID and NTU Map Location

Jurong Lake District - A Property Investment Outlook

With the government pouring significant resources into the development of Jurong Lake District, making it the largest business district outside the city, this will ultimately boost the value of properties.

However, many of these exciting developments are still ongoing or in their planning stage, which will provide astute property investors with a first-mover advantage. Hence, it is no surprise that Copen Grand, an executive condominium located at Tengah nearby, was fully sold a month after its launch in October 2022. This attests to the confidence that properties in the Jurong Lake District and its immediate surrounding areas will continue to enjoy significant growth potential.

After Copen Grand, the 360-unit Altura Executive Condo at Bukit Batok West was launched in August 2023, selling 61.1% of its total units at an average price of $1,433 psf.

Meanwhile, the Lakegarden Residences (former Lakeside Apartments at Yuan Ching Road) was launched in June 2023 and J'Den (former JCube) in November 2023. J'Den sold 323 out of 368 units at an average price of $2,451 psf, a new benchmark for the area. This translates to a take-up rate of 88%, making it the best-selling project of that year.

The next condo to be launched is expected to be Sora (former Park View Mansions). Also located at Yuan Ching Road, it is expected to be launched in the second half of 2024.

New housing developments will also be coming up around the Jurong East MRT Interchange which are expected to yield about 1,760 residential units, as announced by URA on 8 December 2022.

Those looking for more immediate property investment may consider the following two developments at one-north. They are located near the Buona Vista MRT station and three stops from Jurong East.

For more information and to be invited to their launch preview, please feel free to WhatsApp Me.

 

In the chart below, we will examine how property prices have performed since the government announced the development of the Jurong Lake District in April 2008. Three main property segments are highlighted:

  • Private condominium
  • Landed housing
  • HDB flats
District 22 Property Price Trends - Private Condos vs Landed vs HDB Flats

District 22 Property Price Trends

As can be seen, after former Minister of National Development (MND) Mah Bow Tan announced the development of the Jurong Lake District in April 2008, property prices shot up.

  • Private condominiums: +119.48%
  • Landed housing: +144.65%
  • HDB flats: +88.49%

Property prices have continued to trend higher as the transformation gathers pace with developments such as the Jurong East Integrated Transport Hub and Jurong Innovation District (JID), to name a few.

Before the announcement of the development of the Jurong Lake District, property prices for all three segments were either stagnant or even declining.

From the above chart, it is also notable that the average prices of HDB flats have appreciated less than private properties. One of the reasons is that financing for HDB flats is based on the Mortgage Servicing Ratio (MSR), which is set at 30%. Whereas for private residential properties, it is based on the Total Debt Servicing Ratio (TDSR) at 55%.

In other words, financing for HDB flats is more stringent. This effort by the government is to keep public flats more affordable to the masses. But at the same time, it limits their investment potential. Unsurprisingly, this has prompted many HDB owners to switch to private properties after they have completed their 5-year Minimum Occupation Period (MOP).

 

Conclusion

The development of the Jurong Lake District offers a great opportunity for those looking to invest in the Western region of Singapore. With its focus on sustainability, innovation, and leisure, the development promises to be a vibrant and dynamic ecosystem to work, live, play, and study.

Moreover, its strategic location and excellent connectivity to the rest of Singapore offer great investment potential.

In conclusion, sound property investment involves many factors, which include seizing the growth opportunity under the URA Master Plan. If you wish to learn about our "7 Steps Framework to Identify Low-Risk High-Profit Potential Properties", please WhatsApp Me.

 

Jurong Lake District Frequently Asked Questions (FAQ)

Where is the Jurong Lake District located?

The Jurong Lake District (JLD) is a 410-hectare development project located in western Singapore, positioned to become the country's second central business district (CBD) outside the city centre.

The district aims to bring more quality jobs, amenities, and recreational options closer to homes in the West region, home to over 1 million residents.

 

Why Jurong Lake District can offer promising property investment?

The Jurong Lake District presents a promising property investment opportunity for several reasons. It is expected to create 100,000 new jobs and 20,000 new homes by 2040-2050, significantly boosting demand for housing and commercial real estate.

The district is well-connected via major expressways and three MRT lines, including the upcoming Jurong Region Line and Cross Island Line.

It is also located near major hubs like Nanyang Technological University, Jurong Innovation District, and the upcoming Tuas mega port.

 

What are the MRT lines serving the Jurong Lake District?

Currently, the Jurong Lake District is served by the East-West and North-South Lines. But in the future, two new lines will be added - Jurong Regional Line by 2028 and Cross Island Line by 2032.

 

What are some of the upcoming developments in Jurong Lake District?

Some of the upcoming developments in JLD include a new Science Centre, a regional library, a community club and a sports centre, as well as a major tourism development.

 

How does the Jurong Lake Gardens play a major role in the development of Jurong Lake District?

Jurong Lake Gardens plays a significant role in the Jurong Lake District (JLD) development by offering significant green and recreational spaces to complement the government's effort to turn it into the largest business district outside the city.

Besides providing residents, visitors, and workers with green spaces for leisure, recreation, and relaxation, it also contributes to the overall aesthetic appeal and environmental sustainability. This can potentially increase the value of nearby properties in the district.

 


Review of New Property Launches

Besides the above new property launches, you may wish to check out the following:

Core Central Region (CCR)

Rest of Central Region (RCR)

Outside Central Region (OCR)

Click on the link for more project information.

 

 

Posted in Property Hotspots.

Hi, I'm Lance Kuan, an Associate Marketing Manager at Huttons Asia Pte Ltd, one of the largest property agencies in Singapore (Registration No. R062704Z).

With almost 30 years of experience in banking, investment and market analysis, I now find immense pleasure in helping others in property investment and asset progression.

My blog - Sg Home Investment - offers essential property reviews, research and guides to help buyers make an informed investment decision. Please feel free to WhatsApp Me if you have any queries about the real estate market in Singapore.