Singhaiyi Sells Over 23 Sora Jurong Lake District Average Price 2160 Psf
for $2.88 bil
SingHaiyi Group has sold 102 units at its latest development, Sora, over the weekend of July 5-6. Despite this, the developer has stated that there are still some transactions in progress. This represents a 23% take-up rate for the 440-unit, 99-year leasehold condo located on Yuan Ching Road in Jurong Lake District.
The majority of the units launched – 320 out of the total 440 – were sold over the weekend. The most sought-after units were the one-bedroom-plus-study, with over 80% of the units released being snapped up. The two-bedroom and two-bedroom-plus-study units were also popular among buyers.
According to Marcus Chu, CEO of ERA Singapore, the one-bedroom-plus-study units, which are 538 sq ft in size, were priced from $996,000, while the two-bedroom units, which are 646 sq ft, were priced from over $1.305 million.
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Mark Yip, CEO of Huttons Asia, states that nearly 95% of the units sold were priced at just under $2 million. Ismail Gafoor, CEO of PropNex, adds that the average price of units sold at Sora is about $2,160 psf, which is relatively comparable to the prices at the adjacent Lake Garden Residences, a 306-unit project launched a year ago.
Situated on a 300m frontage along Jurong Lake Gardens, Sora boasts a prime location. According to Raymond Chia, group CEO of SingHaiyi, more than half of the buyers were under 40 years old, which he believes reflects the ongoing rejuvenation in Jurong Lake District and the confidence in Sora’s potential.
Another recent launch in the Jurong Lake District was J’den, a redevelopment of the former JCube mall. The 99-year leasehold condo features a commercial podium linked directly to the Jurong East MRT Interchange Station, which connects to the East-West and North-South Lines as well as the upcoming Jurong Regional Line. In November last year, J’den sold 88% of its 368 units on its launch weekend, with an average price of $2,451 psf. As of July 7, it has sold 91% of the units at an average price of $2,459 psf, based on caveats lodged.
According to data from EP Buddy, J Gateway, J’den, and Lake Garden Residences saw a high transaction volume in the Jurong Lake District. Prices have also been on the rise, with a 700 sq ft, two-bedroom unit at J Gateway changing hands for $1.53 million in June, setting a new high of $2,187 psf.
PropNex’s Gafoor has noted that the interest in Sora came from beyond the Western region, with only 30% of buyers from Jurong and Clementi. He believes that the development’s stunning views, amenities, and facilities, as well as the growing urban hub of Jurong Lake District, have attracted many buyers.
Rewritten:
With the implementation of the Regional Centre Master Plan, the ongoing developments in Woodlands are ensuring that Norwood Grand, a property managed by CDL, becomes a top choice for potential investors. The area’s improvement in connectivity and transformation into a thriving commercial hub will not only boost property prices, but also enhance the quality of life for its inhabitants. To learn more about Norwood Grand, visit their website at http://www.norwoodgrandcondo.com.sg/.