Park Nova is a luxury development located in District 10. Aside from its freehold status, the development also offers super spacious units and easy access to MRT stations and nearby amenities.
Continue Reading ⋅ 15 June 2021
MCL Land is a leading property group with a long track record of building quality homes over the last 40 years. A member of the Jardine Matheson Group under Hongkong Land Holdings, it holds an impressive portfolio of prime residential developments in Singapore and Malaysia. .
Project Name: Lakeville
Address: Jurong Lake Link
Site area: Approx. 240,662 sqft
Tenure: 99 years
District: 22
Configuration: 696 units
Unit types:
31 1-bedroom units (560 – 592 sqft)
288 2-bedroom units (635 – 872 sqft)
247 3-bedroom units (872 – 1,324 sqft)
88 4-bedroom units (1,281 – 1,464 sqft)
16 4-bedroom Dual Key units (1,475 – 1,668 sqft)
15 5-bedroom units (1,528 – 1,862 sqft)
4 4-bedroom penthouse units (1,981 – 2,056 sqft)
6 4-bedroom + study penthouse units (2,228 – 2,271 sqft)
1 5-bedroom penthouse unit (2,680 sqft)
Maintenance fees: TBA
Parking lots:
696 normal lots
7 handicapped lots
Expected TOP: January 2018
Expected legal completion: January 2021
Project Details
Lakeville is a 696-unit development located along Jurong Lake Link and flanked by Boon Lay Way and Jurong West Street 41. At time of writing (Sept 2015), 497 out of the 500 units launched have been sold, with over a hundred units yet to be released. The project was launched in April 2014.
Unit sizes range from 1- to 5-bedroom units and penthouse units. The lowest-priced unit on PropertyGuru is a 563 sqft 1-bedroom unit going for $688,000, which translates to around $1,222 psf. A 2,271 sqft 4-bedroom + study penthouse unit is going for $2,678,000 and this is an estimated $1,180 psf.
The Lakeville show flat is not on site but further up near JCube, next to Jurong East MRT.
Lakeville is made up of 6 blocks each standing at 16 storeys tall with a garden in the centre of the stacks. There are also 3 commercial shops within the compound. For many residents, simply opening the curtains will bring in panoramic views of Jurong Lake into the living space.
Facilities are mostly at the centre of the project thus allowing easy access for residents.
For the active:
- tennis court
- gym, aqua gym & fitness stations and
- 50m lap pool
For the nature lovers:
- reflexology walk
- alfresco sails
- starlight dip pool
- spa coves
- dreamweavers and
- sail cabanas
For the kids:
- orion playland
- rainbow waterplay
- little splash pool
Of the remaining units, stacks 28, 30, 32, 35, 37, 41, and 43 face the Jurong Lake. Stacks 5, 7, 11, 18, and 25 are pool-facing.
Showflat units are available for 2- to 4-bedroom units. Photos in this review are from all units.
Specifications:
Flooring
- homogenous tiles for living and dining areas in 1-, 2- and 3-bedroom units
- marble tiles for living and dining areas in 4- and 5-bedroom units
- homogenous tiles for kitchen, bathrooms, water closet, utility, yard, balcony or private enclosed space (PES)
- laminated timber flooring for bedrooms, study
Doors
- timber door for entrance
- hollow-core timber doors for bedrooms, study and bathrooms
- powder-coated aluminium-framed glass swing and/or sliding doors for balcony or PES
- glass swing or sliding door to kitchen
Sanitary fittings
- basin and mixer with shelf/vanity top, wall cabinet with mirror, towel rail and/or robe hooks, shower mixer set, water closet and paper holder for all bathrooms
- water closet, basin with tap, shower set with tap for water closet
Additional items
- built-in wardrobes for all bedrooms
- wall-mounted air-con for living, dining and all bedrooms
The kitchens come with cabinets, solid surface countertops and an undermount sink. Appliances provided include a built-in oven, a gas cooker hob and hood and refrigerator all from Fisher&Paykel and a washer cum dryer from Electrolux. The above is the kitchen from a 4-bedroom unit which can accommodate 2 people comfortably at any one time.
Kitchens in the 1- and 2-bedroom units are slightly smaller and come with an electric cooker hob and hood instead. Comparatively, they are still bigger than their counterparts in other condos. The kitchen is right in front of the entrance, and the living area just beyond it.
The kitchen is connected to the yard which includes the water closet and utility room in the 3-, 4- and 5-bedroom units. This way you will not be bothered by the sound of laundry since the washer is tucked away in the yard.
The living room extends to the balcony or the PES, depending on the unit type. The area in the bigger units are quite wide and spacious. You also get pretty high ceilings at 2.9 metres. Playing around with furniture arrangements will allow you to maximize the space.
The space is smaller with the 1- and 2-bedroom units, but again, it is more spacious compared to other condos.
The common bedrooms can fit a queen-sized bed with some room for movement.
You can make the area more spacious if you decide to go with a single bed instead.
Or, you could also choose to convert one of the common bedrooms into a study area or work space.
Bathrooms have a wet and dry area as per normal and fittings are from Grohe. They are also pretty spacious and supposedly built according to wheelchair-friendly requirements.
Master bathrooms are slightly wider and larger and come with a wall-mounted water closet instead.
Since April 2014, almost all the launched units have been sold. Buyers are likely to be a mix of owner-occupiers and investors due to Lakeville’s location. An estimated 75% of buyers are Singaporeans. Permanent residents account for 15% of sales. 65% of buyers appear to be HDB upgraders.
Location
Etymology: Jurong is actually an industrial area in Western Singapore, comprising the planning areas of Boon Lay and Pioneer.
Jurong is probably derived from the Malay word jerung which means ‘shark’. In the early 1900s, Jurong was uncharted territory, made up of swamps with low hills. The word jurong refers to the elevated porch of a traditional house. Considering the area’s many small hills in a swamp, Jurong may refer to these small elevated plots of land in the swamp.
Home to rubber plantations in the early 20th century, Jurong was developed into an industrial estate with low-cost housing in the 1950s. Getting workers to travel to Jurong for work proved to be a problem initially, hence the government decided to build housing estates within the area.
Both Jurong East which comprises Yuhua, Teban Gardens, Bukit Batok and Bukit Gombak and Jurong West which contains Boon Lay, Taman Jurong and Hong Kah were formed in the 1970s when these estates were built.
Source: streetdirectory.com
Getting there: Lakeville is located along the upcoming Jurong Lake Link, which connects to the arterial Boon Lay Way which goes down to Jurong East MRT. For early-morning commuters, Raffles Place will be a 31-minute MRT ride away and City Hall, a 34-minute ride.
Source: Google Street View
The Pan Island Expressway (PIE) down the road connects to the Central Expressway (CTE) and takes you to town areas like Orchard in 30 minutes. The CBD area is a 20-minute drive away via Commonwealth Avenue and Alexandra Road which joins up with Havelock Road.
Source: Google Street View
Lakeside MRT is a 5-minute walk away. From there, it is two stops down to Jurong East MRT, where you have JEM, Westgate, JCube and the future Jurong Lake District. One stop away in the other direction is Boon Lay MRT with Jurong Point right next to it. Chinese Garden MRT is about an 8-minute walk in the other direction.
The estate: Lakeville is largely surrounded by residential area with a number of educational institutions nearby. The upcoming Jurong Lake District should be ready by the time residents move in, so there shouldn’t be much construction.
Source: Google Street View
You can look forward to new parks, improved promenades, more water activities and numerous attractions woven within the lakeside setting. The new 60-hectare Jurong Lake Park will be a star feature of the project and kids can expect a different play experience there.
Source: Google Street View
There is a bus stop right in front of Lakeville, along Jurong West Street 41 with services 49 and 335. 49 runs in a loop around Jurong West while 335 connects Jurong East and Jurong West. Further ahead in front of the Canadian International School and along Boon Lay Way, 188 which goes from Jurong West to Choa Chu Kang is available.
As for school options, there are a few.
Walking distance:
- Fuhua Secondary School
- Shuqun Primary School
- Yuhua Secondary School
- Hong Kah Secondary School
Within 2 km:
- Rulang Primary School
- Grace Orchard School
- Jurong Primary School
- Lakeside Primary School
- Hua Yi Secondary School
- Jurongville Secondary School
- Jurong Junior College
- River Valley High School
Within 5 km:
- Nanyang Technological University
- Millennia Institute
International Schools:
- Canadian International School (Lakeside Campus)
The National University of Singapore (NUS), Ngee Ann Polytechnic and Singapore Polytechnic are all within a 15-minute drive away.
The retail and dining haven at Jurong East is only a 5-minute drive away from Lakeville. You will be spoilt for choice with JEM, Westgate, IMM, JCube and the future Lakeside Village. Between them, you have supermarkets, countless retail and F&B outlets, cinemas and even an ice skating rink.
Jurong Regional Library, situated right next to the MRT station has ample studying facilities inside, so students can head there after school or on the weekends.
Source: Google Images
Jurong Point, Singapore’s largest suburban lifestyle mall, is also a 5-minute drive away from Lakeville, if you feel like a change. There is an education cluster there so parents can enroll their kids in any of the enrichment centres. Its anchor tenants include the 24-hour FairPrice Xtra, John Little, Courts, Harvey Norman and Golden Village Cinemas.
Located next to Chinese Garden MRT, Chinese Garden is an ideal place for some family relaxation on weekends. Across the bridge, you have the Japanese Garden as well. The area is a great space for joggers too.
Jurong Golf Course is a 6-minute drive away for avid golfers, while Jurong East Sports Complex is less than 300m away. It is connected to the Jurong East Stadium and the famous Jurong East Swimming Complex.
Source: Google Images
Kids will love the lazy river, wave pool and various fun slides at the swimming complex.
The new Science Centre will also be a stone’s throw away from Lakeville. Slated to open in 2020, it will be the ‘jewel’ of the expanded Jurong Lake Gardens, which will combine the existing Chinese and Japanese Gardens and Jurong Lake Park.
As for the healthcare needs of residents, Ng Teng Fong General Hospital is a 5-minute drive away. This will be very convenient for residents requiring specialized treatment or during emergencies. For general medicine, there are various clinics in the neighbourhood and Jurong Polyclinic is a 3-minute drive away.
Analysis
Caveated transactions for Lakeville at time of writing (Sept 2015) stands at 496. Recorded transaction prices range from $732K to $2.669M, with an estimated 85 percent of the transactions coming in at $1.5M or below (see Chart 1).
Sales Transactions
Source: PropertyGuru, URA
Source: URA
Lakeville’s closest competitor would be Caspian, located 800 metres away along Lakeside Drive. Completed in 2013, its current median price since launch is $634 psf to Lakeville’s $1,313 psf. However, its current median price for transactions in the past four quarters is $1,074 psf. The obvious price differential is due to very different market conditions at time of launch for both projects.
Residents at Caspian are likely to be mostly owner-occupiers who like the surrounding areas and the convenience of having a MRT station (Lake Side) within walking distance. With the coming transformation of Jurong into the CBD of the West, property prices in the district are going to see a hike.
Units at Caspian range from 1-4 bedroom units while Lakeville consists of 1-5 bedroom units and penthouse units. Sales for Lakeville only started picking up after the 2014 National Day Rally when Prime Minister Lee Hsien Loong announced plans to transform Jurong East into a commercial hub.
To have a clearer picture, we will be looking at 3-bedroom units in particular, across both developments. According to caveats, Lakeville’s 3-bedroom units have a median price of $1,259 psf while Caspian’s is $1,060 psf for transactions in the past four quarters. Transactions for the units at Lakeville range from $1.052M to $1.634M, and from $1.2M to $1.33M at Caspian.
Before deciding based on these numbers alone, we should look at unit sizing as well. By comparison, 3-bedroom units at Caspian have generally larger proportions and are between 1,141 sqft and 1,281 sqft. At Lakeville, they range from 872 sqft to 1,324 sqft.
While Caspian is the more affordable option, we should keep in mind the very different launch dates for the two projects. Caspian was launched in 2009, basically before any of the property cooling measures were implemented. Lakeville’s prices, on the other hand, are in keeping with the latest developments around the area.
In terms of sale prices alone, Caspian presents a better option.
Future Rental Potential
To understand what rental prices will be like for Lakeville, we need to look at rental prices for other projects in the area.
The current median rental price for projects in District 22 (Jurong) is around $3.05 psf per month at time of writing, based on rental transactions for the past 4 quarters. At these rates, a 3-bedroom unit around 1,050 sqft at Lakeville would go for around $3,900 to $4,100 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $1.279M, the annual gross rental yield at the current rate would be an estimated 3.8%. Assuming that rental prices increase in future with the coming developments around Jurong Lake District, the same 3-bedroom unit could possibly fetch up to $4,300. Gross rental yield then moves up to 4%.
For investors holding on to 1-bedroom units, rental price for a 575 sqft unit at the current rates would be an estimated $1,800 to $2,000 a month. This could go up to $2,400 a month if the area does indeed become the CBD of the West. With the median price for the unit being around 754K, annual gross rental yield would be around 3.8%.
The median unit size of a 3-bedroom at Caspian, on the other hand, would probably fetch around $3,600 a month at today’s rental rates. This translates to around 3.3% in annual gross rental yield. Rental could go up to $4,200 a month with future developments in the surrounding areas. Annual gross rental yield would then be in the 3.9% range. The current median rental price for Caspian alone is $3.2 psf per month, so technically rental yield may be even higher.
According to the figures, rental yield for both projects across both unit types seem to be similar. With Caspian being only 800m away from Lakeville, there are no real differences in terms of nearby amenities. Unit sizing differs slightly with units at Caspian being generally larger. Overall, rental yields for both developments seem to be in the safe zone.
Summary
With Lakeville, the biggest pull factor is its proximity to the upcoming revamped Jurong Lake District, and the fact that it is flanked by not one, but two MRT stations.
Residents will definitely enjoy the easy access to major expressways and proximity to nearby malls like JEM, JCube, IMM, Westgate and Jurong Point. For families with children, the range of schools nearby are another plus. The Canadian International School is right next to Lakeville and this offers good prospects for those buying for rental yield.
Agents will highlight the ‘convenience appeal’, and it is true that there are several entertainment options around Lakeville. However, none of these are actually within walking distance. If the developer were to provide a shuttle bus service to Jurong East MRT, it would make a difference.
All the towers are Northwest-Southeast facing, so this could turn out to be a potential drawback as many of the outward facing units, especially those in Tower 1, 3 and 11, will probably get the afternoon sun in the living area and bedrooms.
Investment potential is high and 1- and 2-bedroom units are already sold out. With the upcoming revamp of the area, demand for private residential units will see an increase.
Overall, units at Lakeville are decently priced and residents will enjoy a multitude of education, entertainment and commercial amenities nearby. If you want to be a part of the revitalization of the Jurong Lake District, Lakeville is probably a project you may want to take a look at.
