Units at Lake Grande will offer panoramic views of the Jurong Lake. (Artist’s impression)
Lake Grande, MCL Land’s 710-unit condominium along Jurong West Street, saw 87 percent, or 436 of the 500 units released, sold at an average price of $1,368 psf during its launch over the weekend, reported The Straits Times.
MCL Land Chief Executive Koh Teck Chuan revealed that buyers favoured smaller units, with 83 percent of the sales involving one- and two-bedroom units. Singaporeans accounted for 17 out of every 20 buyers.
With units in one- to five-bedroom configurations, the 17-storey project overlooks Jurong Lake and is a few minutes’ walk from the Lakeside MRT station.
Although the private residential market is showing signs of bottoming out, with prices in Q2 registering the slowest pace of decline since values began falling at end-2013, market watchers cautioned that the robust demand for Lake Grande units cannot be considered as a sign of improving sentiments among buyers.
Instead, they believe that the red-hot perception for the project may have been stoked by the government’s plan to develop the Jurong Lake District as the home of the future high-speed rail (HSR) terminus linking Singapore to Kuala Lumpur and a second central business district.
Last week, Singapore and Malaysia marked a big step in the HSR development when they signed a memorandum of understanding which paved the way for more detailed planning as well as eventual construction of the rail link.
“The main contributing factor for Lake Grande’s strong sales is all the hype over the Jurong Lake District masterplan and the high-speed rail coming onstream in 2026,” said Savills Singapore Research Head Alan Cheong.
“While Lake Grande and Treasure Crest executive condo (which was launched the previous week) did well, I don’t believe we can make a blanket conclusion about sales rebounding in leaps and bounds. One swallow does not make a summer and demand is still project-specific,” he added.
Christine Li, Research Director at Cushman & Wakefield, noted that the project also benefitted from the limited supply of unsold small homes in Jurong.