The Business Times
July 25, 2016
IN what MCL Land chief executive officer Koh Teck Chuan described as “overwhelming demand”, the developer sold 436 units or 61 per cent of its Jurong West condo, Lake Grande, during its launch weekend.
“We initially released 350 units out of the 710 units in the project but due to overwhelming demand, we released another 150 units,” he said.
The average transacted price was S$1,368 per square foot (psf), with five out of every six units sold being one- or two-bedroom apartments.
Two-bedroom units were the most popular, with 260 such units sold. The average two-bedder – roughly 660 sq ft in size – sold at S$1,365 psf or around S$900,000.
Some 85 per cent of the buyers were Singaporeans, while 12 per cent were permanent residents and 3 per cent were foreigners.
The 17-storey project has units in one- to five-bedroom configurations, and is located near Lakeside MRT station, two stations away from the Jurong East hub.
The project is MCL Land’s third in the area after the 738-unit J Gateway by Jurong East MRT station and the 696-unit Lakeville just beside Lake Grande.
MCL Land, a unit of Hong Kong central office landlord Hongkong Land, acquired the land parcel for S$338 million in March last year, which works out to around S$630 per square foot per plot ratio.
Alan Cheong, Savills Singapore research head, said the results might have been expected given the hype around the development of the Jurong Lake District and the high-speed rail line to Malaysia, which will have a terminal station in Jurong East.
“We have to be extremely discerning as to whether this is representative across the market,” he said.
He compared the successful launch of Lake Grande with the handful of units sold during the weekend at The Trilinq, a project near Clementi which is just three MRT stops away.
Cushman and Wakefield research director Christine Li said the good performance was also due to little competition in the Jurong market. Lakeville next door is more than 90 per cent sold with only big units left, she said.
Mortgage rates have also come down along with global interest rates after Britain voted to leave the European Union in June. “The most attractive rate in the market is around 1.2 per cent a year for two years, floating,” she said.
Header photo: MCL Land
This article was first published on July 25, 2016.
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