Lakegarden Residences Condo Review: Location, Price, Investment Potential

Why Invest in Lakegarden Residences?

• Developed by Wing Tai Holdings, a highly regarded and Singapore-listed real estate developer.
• Unobstructed views of the Jurong Lake Gardens, Chinese Garden, and Japanese Garden.
• 75% of units face Jurong Lake Garden (the remaining units face amenities).
• Located within the Jurong Lake District (JLD), Singapore’s largest business district outside the city, and a bustling residential and commercial precinct.
• Upcoming developments to enhance JLD as an exciting place to live, work, play, and study.
• 3 bus stops from Lakeside MRT station amid an expanding MRT network.
• Conveniently located close to a plethora of amenities like shopping malls, eateries, and medical facilities.
• Proximity to schools and tertiary institutions.
• Proximity to major employment hubs offers promising investment potential.

Lakegarden Residences - Condo Fact Sheet

Lakegarden Residences Site Plan

75% of units at Lakegarden Residences will face Jurong Lake Garden, while the remaining will face amenities. The two tower blocks are also very well spaced apart (44m), ensuring great privacy and good air ventilation throughout the development.

Site Plan

Lakegarden Residences Unit Mix

The Lakegarden Residences offers a total of 306 residential units comprising 1 to 5 bedrooms. This will appeal to a wide range of property buyers, ranging from singles and couples with young children to extended families.

The 2-Bedrooms make up the largest portion with 37.3% followed by the 3-Bedroom with 36.9%. Please click on the link for floor plans.

Who is the Developer for Lakegarden Residences?

The developer of Lakegarden Residences is Winville Investment, a subsidiary of Wing Tai Holdings, which acquired the site via an en bloc sale in May 2022.

Wing Tai Holdings is an award-winning real estate developer listed on the Singapore Exchange (SGX). It has established a reputation for developing premium properties with exceptional quality and design.

With over 60 years of experience in the industry, Wing Tai Holdings has built an impressive portfolio of properties that spans Singapore, Malaysia, Japan, China, Hong Kong, and Australia.

Some of their residential projects in Singapore include The M @ Middle Road, The Tomlinson, and Garden Residences.

What are the Prices for Lakegarden Residences?

During Lakegarden Residences' 5-6 August 2023 sales launch, 71 out of 306 units (23%) were sold at an average price of S$2,120 psf. However, only 209 units were released for sale, which translated to a sales figure of 34%.

Singaporeans made up 73% of the buyers, while 25% were Singapore Permanent (PRs) and the remaining 2% were foreigners.

Below are the indicative launch prices (after launch day discounts), which started from $1,890 psf:

• 1-Bedroom + Study: from $1.06 million;
• 2-Bedroom Compact: From $1.21 million;
• 2-Bedroom Compact⁺: From $1.28 million;
• 2-Bedroom Premium: From $1.52 million;
• 2-Bedroom + Study: From $1.53 million;
• 3-Bedroom: From $1.94 million;
• 3-Bedroom + Study: From $2.12 million;
• 3-Bedroom + Study Premium: From $2.59 million;
• 4-Bedroom: From $2.76 million;
• 4-Bedroom Dual-Key: From $2.79 million;
• 5-Bedroom: From $3.18 million.

During the tender for the en bloc sale of Lakeside Apartments, Winville Investment paid $273.89 million for the 12,465.4 sq m (134,177 sq ft) 99-year leasehold site. This is 14% above the $240 million reserve price, attesting to the site’s favourable locational attributes.

This translates to an approximate land cost of $1,250 - $1,260 psf ppr.

Where Is Lakegarden Residences Located ?

Lakegarden Residences Location.

The Lakegarden Residences is located at Yuan Ching Road, which lies within the Jurong Lake District (JLD). Towards its East and a short distance walk from the development is the Jurong Lake Gardens. Beyond it is the Chinese Garden and Japanese Garden and residents will enjoy unobstructed views of all three of them.

The Lakeside MRT station (East-West Line) is just three bus stops from the development. From there, the Jurong East MRT interchange (East-West & North-South Lines) is just two stations away.

The Jurong East interchange area is renowned for its abundance of shopping malls, including JEM, Westgate, and IMM, making it a sought-after destination for shoppers.

About Jurong Lake District (JLD) - A Vibrant Living Ecosystem

The Lakegarden Residences can be expected to benefit from the many exciting developments taking place in the Jurong Lake District (JLD).

Jurong Lake District (JLD)

The Jurong Lake District is a major development initiative by the Singapore government to transform it into the largest business district outside the city.

It comprises four main precincts with their own unique features that cater to various business and lifestyle needs. They are:

1. Jurong Gateway - The main commercial node centred around the upcoming Jurong East integrated transport hub that offers an excellent mix of office, retail, and other complementary uses.
2. Lakeside East - A new mixed-use precinct around the future Cross-Island Line station.
3. Lakeside West - A complementary leisure and recreational precinct surrounding Jurong Lake Gardens.
4. International Business Park - A commercial and business hub with a focus on R&D, technology, and knowledge-based industries.

The Jurong Lake District spans 400 ha of land and will provide 1.4 million square metres of office space. When it is fully developed, it is expected to create more than 100,000 new jobs and 20,000 new homes.

Part of the URA master plan is to offer more flexibility in zoning, land tenure and phasing compared to other districts. This is to encourage companies to experiment with new development concepts and innovative ways to integrate live, work and play.

It will also be a model for urban sustainability that supports companies in green innovation.

These major developments will help to create a vibrant living ecosystem that will raise the standards of living. In turn, this will enhance property values.

Exciting New Developments in Jurong Lake District (JLD)

Many exciting new developments are taking place in the Jurong Lake District, which will benefit Lakegarden Residences in the mid- to long-term. These include the following:

Jurong East Integrated Transport Hub (ITH) - One of the most significant developments in the JLD is the upcoming Jurong East Integrated Transport Hub, slated for completion in 2027.

This air-conditioned bus interchange will be connected to adjoining MRT stations and commercial developments such as shopping malls, providing seamless connectivity for residents and commuters. The hub will also include a 27-story building connected by a sky bridge to an 8-story building, offering offices, retail spaces, and public facilities.

New MRT Network and Stations – Currently, the Jurong East MRT station is an interchange for the East-West and North-South Lines, but it will be joined by the Jurong Regional Line (JRL) in the future.

New MRT stations such as the Jurong Town Hall (Jurong Regional Line) and Jurong Lake District (Cross Island Line) will be constructed and they are expected to be operational by 2028 and 2032 respectively. These stations will provide greater accessibility and convenience for commuters and further enhance the region's connectivity.

New Jurong Regional Library - Another exciting development in the JLD is the construction of the new Jurong Regional Library, expected to open in 2028. It will be part of a cluster that includes a community club and sports centre, serving residents in the West region. This will further enhance the vibrancy of the commercial node around the Jurong East Integrated Transport Hub.

New Science Centre - Set to open in 2027, it aims to be a one-stop destination for the public to access science, technology, engineering, and mathematics (STEM) education and experiences. The facility will include an observatory for astronomy enthusiasts and a digital fabrication lab to support incubator programmes.

Integrated Tourism Development - Located adjacent to the new Science Centre and the Jurong Lake Gardens, the plan is to create a world-class tourism development comprising "high-quality accommodation" with an estimated 350 hotel rooms, as well as a mix of attractions, retail, food and beverage, and entertainment offerings.
However, tender for proposals drew a blank amid the uncertain geo-political and economic climate. Nevertheless, the JLD will continue to provide immense opportunities for businesses and residents alike as this setback is likely to be temporary.

Jurong Lake Gardens

Jurong Lake Gardens

The Jurong Lake Gardens is a key part of the development of the Jurong Lake District. It is a must-visit destination for those seeking outdoor activities in Singapore. This sprawling garden offers a range of interesting activities for people of all ages, making it an ideal place for a fun day out with family or friends.

Envisioned as a district of gardens and water, green spaces and waterways will extend from the Gardens into the surrounding areas. Eventually, it will comprise 100 ha of green spaces, 70 ha of water bodies and 17 km of waterfront areas for social and community activities.

As it is located just next to Lakegarden Residences, residents will have beautiful and unobstructed views of the various gardens and lakes.

There will also be spaces for recreation, retail and F&B outlets to provide an elevated living experience for everyone, especially those living or working in the West Region.

Interesting Outdoor Activities At Jurong Lake Gardens

Families and residents of Lakegarden Residences can look forward to many interesting outdoor activities at the Jurong Lake Gardens. Below are some of the activities that will offer a fun day out for everyone:

Forest Rumble – A nature play garden with 13 different play areas for children where they can enjoy a range of activities. These include sliding down snake slides, gliding across a zipline, and climbing low-rope monkey play areas.

Clusia Cove – A unique water playground that mimics the tidal patterns and currents of coastal shores. Spanning over 3 ha, children can wade in 30 cm deep water, control the flow of water with tidal gates, and play in the adjacent sand play area.

Active, Beautiful and Clean (ABC) Waters Programme – It offers a picturesque view of the lake from the boardwalk, along with a chance to admire the flora and fauna at the largest man-made floating wetlands. The ABC Waters Programme has been designed to improve the quality of water and create beautiful and clean streams, rivers, and lakes with community spaces for all to enjoy.

Water Sports at PAssion Wave – It is the perfect destination for water sports enthusiasts. The first waterfront facility in the West of Singapore, it offers a range of water sports activities such as canoeing and kayaking, while participants can also enjoy stunning views of Jurong Lake.

Therapeutic Garden – It consists of two sections, one for adults and another for children. The garden is designed with features that are specifically curated for seniors with dementia and children with conditions such as mild autism and ADHD.

Butterfly Maze - Located between Forest Ramble and Therapeutic Garden, it is a small area designed for kids to explore and navigate through a series of paths that weave between mounds and an undulating landscape filled with butterflies.

ActiveSG Park – Located in the southern part of Jurong Lake Gardens, it offers a swimming pool, gym, and various workout classes. The park also has a wheelchair-accessible Rooftop Garden, rentable event spaces, and an exercise playground for people of all ages to enjoy.

Expanding MRT Network Enhances Connectivity

Perhaps, one little inconvenience of living in Lakegarden Residences is that the nearest MRT station (Lakeside) is about 13 minutes walk away. This is not exactly a comfortable distance to walk, especially in Singapore’s hot climate.

But luckily, the bus stops are right in front of the development and the Lakeside MRT station is just two stops away. From Lakeside MRT station, it takes another short train ride (2 stops) to reach the Jurong East integrated transport, the commercial centre of the Jurong Lake District hub where a plethora of shopping malls are located.

Meanwhile, future residents of Lakegarden Residences will enjoy an expanded MRT network with the addition of the Jurong Regional Line (JRL) and Cross Island Line (CRL).

New Jurong Regional Line (JRL) And Cross Island Line (CRL)

Jurong Regional Line Network.

Currently under construction, both these lines will significantly improve the connectivity in the Western part of Singapore. Besides cutting down on commuting time, they will enhance connectivity to many parts of Singapore.

Jurong Regional Line (JRL) - There will be 24 MRT stations, all above ground. These include three interchange stations - Boon Lay, Choa Chu Kang and Jurong East.

Expected to open in three stages from 2027 to 2029, it will serve the new Tengah New Town, Nanyang Technological University (NTU), Jurong Innovation District, and Jurong Industrial Estate.

The following is the timeline for the completion of the three stages.

1. Stage 1 (2027): Choa Chu Kang, Choa Chu Kang West, Tengah, Hong Kah, Corporation, Jurong West, Baha Junction, Boon Lay Gek Poh, Tawas.
2. Stage 2 (2028): Tengah Plantation, Tengah Park, Bukit Batok West, Toh Guan, Jurong East, Jurong Town Hall, Pandan Reservoir.
3. Stage 3 (2029): Enterprise, Tukang, Jurong Hill, Jurong Pier, Nanyang Gateway, Nanyang Crescent, Peng Kang Hill.

Cross Island Line (CRL) - It will be Singapore’s longest fully underground line at more than 50 kilometres long. It will serve existing and future developments in the eastern, western, and north-eastern corridors, connecting major hubs such as Jurong Lake District, Punggol Digital District and Changi region.

Stage 2, which will include the Jurong Lake District station, is expected to commence operation in 2032.

With the expanded connectivity, they will greatly improve connectivity and accessibility to major business and residential areas. In turn, this will also enhance the living standards of J’Den residents.

Expressways Near Lakegarden Residences

For those who drive, the Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE) are a 2- and 7-minute drive from Lakegarden Residences.

These two expressways will help to cut down travelling time. For example, a drive to Singapore’s Orchard Road, Central Business District (CBD), and Woodlands Regional Centre will take only 19-23 minutes.

Convenient Access to Shopping Malls and Amenities

The Jurong Lake District has a well-connected public transport system. Lakegarden Residences is just two bus stops and two train stations away from Jurong Gateway, the commercial centre.

The Jurong Gateway area is home to several shopping malls, including JEM, Westgate, IMM, and Big Box, which offer a diverse range of products and services, food and beverages, and entertainment options.

These malls create a vibrant retail ecosystem that caters to the diverse needs of visitors and residents. Furthermore, the Jurong Community Hospital and Ng Teng Fong General Hospital are linked by sheltered walkways to the Jurong East MRT interchange, providing easy access to medical facilities.

In addition to Jurong Gateway, Toh Guan Road, opposite the IMM Building features several furniture showrooms and outlets. This area is ideal for individuals who are looking to purchase furniture and home decor items.

There are also several neighbourhood shopping malls situated in the vicinity of Jurong Lake District. These include Jurong Point, Boon Lay Shopping Centre, and Pioneer Mall, offering individuals and families a wide range of shopping options that cater to their daily needs.

Schools and Educational Institutions Near Lakegarden Residences

There are several popular primary schools located within a 1-2 km radius of Lakegarden Residences.

Hence, families with young children will enjoy priority admission for Primary 1 under the Ministry of Education’s distance-based allocation system.

There are also many secondary schools to choose from, including the highly sought-after River Valley High School.

Nanyang Technological University (NTU)

Nanyang Technological University (NTU).

Nanyang Technological University (NTU) is a research-intensive university established in 1991.

It has since become one of the top universities in Asia and the world. According to the QS World University Rankings 2023, it is placed 19th globally and 3rd in Asia.

The university is known for its strong focus on research and innovation, with a number of research institutes and centres dedicated to areas such as sustainability, healthcare, and artificial intelligence.

NTU is also home to a diverse community of students and faculty from around the world, making it a dynamic and vibrant place to study and work.

When Stage 3 of the Jurong Regional Line (JRL) is completed in 2029, residents of Lakegarden Residences will enjoy convenient access to the university as it is only five stops from the Lakeside MRT station.

International Schools Near Lakegarden Residences Condo

There are many international schools located near Lakegarden Residences condo, many of which are within the Jurong Lake District (JLD). They cater to students from various countries and offer a global education experience.

These international schools play an important function in satisfying the growing demand from expatriate families who seek high-quality education for their children, especially those working in the surrounding employment hubs. These international schools provide a wide range of curricula, including International Baccalaureate (IB), Cambridge, and American curricula.

Hence, for those seeking property investment, Lakegarden Residences will have no lack of potential tenants.

Below are some of the international schools:

• Canadian International School.
• Yuvabharathi International School.
• One World International School.
• Spring College International.
• Dulwich College.
• Trinity International College.

Proximity to Major Employment Hubs

As the Lakegarden Residences is located within the Jurong Lake District, which is set to become the second largest business district outside the city, this will offer promising investment potential.

Besides the Jurong Lake District, the other major employment hubs are Jurong Innovation District, Tuas Mega Port, and Nanyang Technological University. They offer job opportunities with the convenience of having amenities such as shopping malls, parks, and restaurants within easy access.

Major Employment Hubs

Jurong Lake District (JLD): It is a major business hub in Singapore and houses several commercial and residential developments, as well as a range of educational, research, and employment institutions.

Residents of Lakegarden Residences can easily access job opportunities in the district and enjoy the convenience of having amenities such as shopping malls, parks, and restaurants nearby.

Jurong Innovation District (JID): A cutting-edge development that aims to transform Singapore into a leading innovation hub in Asia. It brings together industry, research, and innovation to create a vibrant ecosystem for companies to collaborate and drive innovation. The district is home to a wide range of advanced manufacturing and engineering companies, as well as research institutions, startups, and incubators.

Some of the companies that have set up their operations there include Siemens, Flowserve, Bosch Rexroth, ISDN, and the Singapore Institute of Manufacturing Technology, to name a few.

Tuas Megaport: It is a deep-water port that will eventually replace the Pasir Panjang Terminal, the Keppel Terminal, and the Brani Terminal. Once fully operational, it is expected to handle up to 65 million twenty-foot equivalent units (TEUs) annually, transforming Singapore into a leading maritime hub. Due to its sheer size, it will become one of Singapore’s major employment hubs where a significant number of workers will be required to operate it. These range from various fields such as logistics, engineering, operations, and other related services.

Nanyang Technological University: A world-class research-intensive institution, it has rapidly grown to become one of the top universities in Asia and the world. The NTU Smart Campus is a living testbed of tomorrow’s technologies and a model of sustainability, with 61 Green Mark Platinum awards for its building projects. One of its mission is to educate and inspire future leaders and to contribute to society through research and innovation.

Review Conclusion – An Investment Perspective

Although the Lakegarden Residences does not lie within Jurong Gateway, the main commercial hub of the Jurong Lake District, it will still stand to benefit from the URA master plan to turn it into Singapore’s largest business district outside the city.

The transformation can be expected to spur demand for both residential and commercial properties, resulting in a positive impact on property values, especially given the lack of new private property launches in the Lakeside area.

The district will also enjoy improved connectivity with the expansion of the MRT network, making it a highly convenient location for residents, tenants, and businesses alike.

In addition, its proximity to the Nanyang Technological University NTU) will appeal to students and faculty members, thereby positively affecting demand for rental properties.

Lastly, the presence of major amenities such as shopping malls, parks, and recreational facilities will enhance the quality of life for residents, making it an attractive place to live, work, play and study.

But how will the ongoing developments and future plans for the Jurong Lake District (JLD) impact property prices?

To answer this question, let’s examine how property prices in District 22 (Lakeside, Jurong, Boon Lay) have performed after the then Minister of National Development (MND) Mah Bow Tan announced the development of the Jurong Lake District in April 2008.

CHART 1: District 22 Average Private Property Price Trend (Non-Landed).

As can be seen from Chart 1 above, average non-landed property prices in District 22 surged 114% between Q1 2008 to Q3 2013 immediately after the Jurong Lake District development plans. Thereafter, they declined rather significantly in line with the overall property market after the government announced a slew of severe property cooling measures in January 2013. These include a hike in ABSD, tightening of LTV, and an increase in minimum cash downpayment.

A prolonged period of consolidation followed. This lasted until an unexpected surge in property prices following the onset of the covid-19 pandemic in early 2020. Despite Singapore suffering an economic recession in 2020, property prices rose a significant 28.5% between Q1 2020 and Q4 2022, fuelled by a supply crunch and delay in the completion of new homes.

From a broader perspective, the performance of District 22 has been commendable since the unveiling of the Jurong Lake District in early 2008. The average prices of non-landed private residential properties have witnessed a remarkable appreciation of 119%, indicating the district's robust growth trajectory.

Therefore, it is plausible to assume that properties such as Lakegarden Residences will reap the benefits of the numerous stimulating developments slated to unfold in the Jurong Lake District (JLD) over the next two decades. The anticipated surge in demand for properties, as a result of these developments, is likely to have a positive effect on property values.

Comparison of Average Prices of Private Condominiums In Jurong

In recent years, there have not been many new property launches in District 22. The three most recent are J Gateway (June 2013), Lakeville (April 2014), and Lake Grande (July 2016). As can be seen from Chart 2 below, all of them have done pretty well, chalking up the following average price gains:

• J Gateway: +25.08%.
• Lakeville: 14.31%.
• Lake Grande: 17.07%.

Chart 2: Average Price Trend - J Gateway vs Lakeville vs Lake Grande.

Given the lack of new launches in District 22, pent-up demand and the exciting prospect for the Jurong Lake District will help to boost property prices over time.