Limited Availability of Residential Land in Jurong East Central Area May Make Finding Dream Home Challenging for Prospective Buyers

The Jurong East Central area is set to become an even hotter property market in Singapore, as limited availability of residential land in the area may make finding a dream home challenging for prospective buyers. With the recent announcement of the first half of the JCube Condo 2023 government land sales programme, which includes a 6.8-hectare white site on the confirmed list, demand for property in the area is likely to increase.

The 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.

The announcement of the white site is set to push up demand for residential property in the area, as the supply of residential land is limited. With the influx of buyers looking to purchase property in the area, it may be difficult for prospective buyers to find the dream home they are looking for. This is because the limited availability of residential land means that there will be fewer options to choose from and it could be difficult to find a home that meets all of their needs.

The limited availability of residential land in the area may also result in property prices in the area increasing as demand for homes increases. This may make it even more difficult for prospective buyers to find a home that is within their budget.

Moreover, the limited availability of residential land may mean that prospective buyers may have to wait longer for their dream home to become available. As the demand for property in the area increases, the time it takes for a home to become available for purchase may increase, making it more difficult for prospective buyers to find the home they are looking for.

In conclusion, the limited availability of residential land in the Jurong East Central area may make finding a dream home challenging for prospective buyers. With the influx of buyers looking to purchase property in the area, it may be difficult for prospective buyers to find the home they are looking for as the limited availability of residential land means that there will be fewer options to choose from. Moreover, the limited availability of residential land may result in property prices in the area increasing and prospective buyers may have to wait longer for their dream home to become available.

With limited availability of residential land in Jurong East Central, it may be challenging for prospective buyers to find their dream home in the area. Singapore’s Urban Redevelopment Authority (URA) has released the confirmed list of the first half of the 2023 government land sales (GLS) programme, with a white site in the Jurong East Central region on the list. The 6.8-hectare site 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.

The potential new launches may help to alleviate pent-up demand for housing in Jurong, given the lack of new condo launches in recent years, noted property analysts. However, the limited availability of residential land in the region means that it may be challenging for prospective buyers to find their dream home. With the GLS site in Jurong East Central, the master developer is expected to build 1,760 private homes in the next five to 10 years, but the number is still small compared to the total demand for housing in the area.

Moreover, the GLS site in Jurong East Central is expected to be sold to the master developer at a premium of S$2 billion, which will raise the cost of construction of the new homes. This may lead to higher prices of the newly-built homes, making them out of reach for some buyers.

In addition, there is also the JCube Condo development in Jurong East, which is set to launch for sale in the second half of 2023. Exact details of JCube Condo pricing as well as the number and size of the units, have yet to be disclosed. With the limited availability of residential land in Jurong East Central, the potential launches including JCube Condo may not be enough to meet the full demand for housing in the area.

In view of the limited availability of residential land in Jurong East Central, prospective buyers may have to look for alternative options if they cannot find their dream home in the area. They may consider buying resale homes in the area or look for new launches in other parts of Singapore. Nevertheless, with the potential new launches in the region, home prices in the resale market and possibly have a spillover effect on the Bukit Batok and Clementi areas near the JCube Condo.