Capitaland J'den

88% of units at J’den condo on site of former JCube mall sold at launch

J’den, a leasehold condominium located on the former site of JCube mall in Jurong East, had an impressive sales launch on Saturday, with 323 out of its 368 units, representing 88 percent, finding buyers.

This mixed-use development is strategically positioned, directly connected to Jurong East MRT interchange and nearby malls such as Westgate, IMM, and Jem. The average selling price for its units was $2,451 per square foot (psf), as reported by CapitaLand Development on Sunday. Notably, all 148 of the smaller units, which include one- and two-bedroom apartments ranging from 527 to 721 sq ft, were sold out.

Situated in the bustling Jurong Gateway commercial hub, this highly anticipated 40-story project with retail spaces on the first and second floors is set to become the tallest mixed-use development in the Jurong Lake District.

The majority of buyers, over 99 percent, were Singaporean citizens and permanent residents, with nearly 60 percent of them aged 40 or younger. Additionally, 62 percent of the buyers currently reside in western Singapore.

Property analysts pointed out that the successful sales launch indicates a preference among buyers for properties close to amenities and within walking distance of MRT stations.

Ismail Gafoor, the CEO of PropNex, explained that buyers were particularly excited about J’den due to its convenient location and the attractive starting price of $2,100 psf. He noted that many buyers find the project compelling given its location attributes and the potential upside when the Jurong Lake District is fully developed.

Jurong East MRT station is already a vital transportation hub, serving the East-West and North-South lines. With the completion of the Jurong Region Line by 2029 and the opening of the second phase of the Cross Island Line by 2032, the interchange will be connected to four MRT lines.

Furthermore, the makeover of the nearby Chinese and Japanese gardens is set to be completed in 2024, and the Jurong East integrated transport hub, featuring a fully air-conditioned bus interchange, along with the new Science Centre, is scheduled to open in 2027.

As the last condominium project launched in the area was J Gateway in 2013, there has been pent-up demand for new private homes in Jurong.

Marcus Chu, CEO of ERA Singapore, highlighted that buyers were also drawn to the breathtaking views of either Jurong Lake Gardens or the city that J’den units offer. He mentioned that owner-occupier families preferred the premium three-bedroom-plus-study units and four-bedroom units, which are served by private lifts for added exclusivity.

Nicholas Mak, Chief Research Officer of property search portal, noted that the average price of $2,451 psf is the highest for a new condominium project in areas such as Jurong, Boon Lay, and Clementi. He compared it to Blossoms by the Park in Buona Vista, which had transacted prices close to J’den’s at an average price of $2,423 psf, and noted its success with more than 70 percent of its units sold at launch.

Mak speculated that most of the buyers for the smaller units in J’den are likely to be investors, while the limited number of foreign buyers can be attributed to the increased buyer’s stamp duty rates for foreigners introduced in April’s property cooling measures.

One buyer, known as Mr. Patrick, purchased a two-bedroom-plus-study unit as a gift for his daughter’s 21st birthday. He mentioned that the government’s development plans for the Jurong Lake District and his daughter’s affection for the area drove the decision.

JCube mall, which once housed Singapore’s only Olympic-size ice-skating rink, closed its doors in August to make way for J’den. The development is expected to receive its temporary occupation permit in 2027.

Another condominium project, Hillock Green, was also launched on the same Saturday in the Lentor area in Ang Mo Kio. It reported selling 28 percent, or 131 units out of 474. Analysts noted that this lower take-up rate might be due to increased competition from other recently launched condominiums in Lentor over the past year, such as Lentor Modern and Lentor Hills Residences. Ismail Gafoor commented that, unlike J’den, Hillock Green faces more competition due to the ample stock of new homes in the area.

Genting Singapore gets URA nod to develop 228,000 sq ft of retail space, 700 hotel rooms at RWSRWS Integrated Resort SingaporeOne-off rebate for owner-occupied homes in 2024. Source: TodayOne-off rebate for owner-occupied homes in 2024 to cushion impact of property tax rises: MOF, IRAS