Invest in Singapore Property: Jurong Lake District

Invest Singaore, Invest in Singapore's Own Lake District

Courtesy of http://www.PropertyBUYER.com.sg/articlesnews.php

"...National Development Minister Mah Bow Tan yesterday unveiled a vision for a revamped Jurong, starting with a new name: the Jurong Lake District.

The ambitious plan, to be implemented over the next 10 to 15 years, involves building new waterways, 1,000 private homes, 2,800 hotel rooms and adding 750,000 sq m of office and retail space.

The Jurong Lake District, which at 360ha is the size of Marina Bay, will consist of two precincts.

One is the 70ha Jurong Gateway, which will boast swanky new offices, condos and entertainment features, including an Olympic-size ice-skating rink, all set around Jurong East MRT station.

The other is Lakeside, which is being targeted as a hang-out for young families.

It will feature a bold new science centre, tourist attractions and parks complemented by water activities, all set around the Chinese Garden and Lakeside MRT stations.

Mr Mah told a 500-strong audience at an Urban Redevelopment Authority (URA) seminar yesterday that many Singaporeans saw Jurong as a suburban residential and industrial area 'located far away from the city centre'.

But he described it as a 'gem', with compelling reasons singling it out for redevelopment. It is near established towns, with a large labour force and a population catchment of more than one million residents...."
Source: Channel News Asia
http://www.channelnewsasia.com/stories/singaporelocalnews/view/339270/1/.html


Should we buy into the Jurong Lake District Dream?

For those of you who have been to the UK Lake District, you will know that

Singapore's Jurong Lake District will never match up. The air, the breeze
and even the rustle in the wind is different, not to mention the clean air free
of industrial pollutant.

And the above is the BEST CASE scenario assuming the beautiful scenario
comes true.


Will Jurong Lake District become reality?

Do you remember Minister Mah Bow Tan wanted Singapore to qualify for
World Cup in 2010? It's 2009, what do we have to show for it?

Remember what happened to Punggol 21?

http://www.mrbrownshow.com/2007/09/21/the-mrbrown-show-punggol-21-plus-plus/

Do you remember what happened to Punggol 21? The hype, the excitement
and the promise! So many people bought into the dream of a leisurely and
riverside lifestyle. They ended up buying into expensive HDB units which
were half occupied.

The place was so deserted that there were hardly any amenities and facilities. It took a good 10+ years and yet the promise is still not fulfilled.


Singapore's very own Lake District

Any chance of Jurong Lake District happening? We suspect the only people
laughing all the way to the bank are the developers who timed their property
launches after the government announces this publicity campaign.

The government's track record of fulfilling plans such as Punggol 21 and sengkang new town is not compelling. There were a lot of promises.


The industrial parks and the factories are not about to move out of Jurong
any time soon, pollution is still a problem. Although there are some logistics
park and some business parks, building houses around 2 lakes is hardly a dream, much less a beautiful dream.


Even if all the commercial activities do take off, we doubt the place will be a
truly enjoyable living experience as it will be over crowded. (You only need to
take a MRT ride to Boon Lay to experience it today).

Should you pay for your Home at an inflated price?


We would not hold our breath for Jurong Lake District, until more plans and
concrete action becomes available. Not more nice plans and announcements!!!

Should you hold your breath for it? It's up to you, if you already like the place
even before the hype, by all means go for it. But if you are buying into the
hype, we suggest you have at least 10 to 20 years of holding power.

Or you can wait for the Singapore government to cook up another beautiful scenario
and remember to OFF LOAD your property at that time. During this time, the
rental in Jurong is uncertain at best.

This means you should avoid 99 years lease hold properties, because
capital values of 99 years properties do not hold so well when the number of
years remaining on the lease is shorter.

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