ST : Strong take-up for Keppel's Lakefront Residences

Nov 13, 2010

Strong take-up for Keppel's Lakefront Residences

KEPPEL Land's newest residential project, The Lakefront Residences, has seen strong take-up, with about 250 units sold within a day of its preview.

Located next to Lakeside MRT Station, in the Jurong Lake District - set to be a major regional centre and leisure destination - the 629-unit condo development was sold at an average price of $1,020 per sq ft (psf), Keppel said yesterday.

Apartments range from typical one-bedroom units of 500 sq ft to typical four-bedroom units of 1,400 sq ft. The project includes 17 penthouse units of between 2,000 sq ft and 3,000 sq ft, it added.

Keppel said that it had been receiving inquiries for The Lakefront Residences from both local home buyers and investors alike, including residents and foreigners from China and Malaysia.

'The positive take-up...reflects home buyers' confidence in (its) strong value offerings of a prime location next to the Lakeside MRT station (and) the unique lifestyle and recreational amenities in the upcoming Jurong Lake District,' said Mr Augustine Tan, Keppel Land's president of Singapore residential.

The 99-year leasehold project - expected to be completed by the end of 2013 - is also located close to several schools, including the Canadian International School slated to open next year.

Jurong General Hospital and Jurong Community Hospital are also set for completion in 2014 and early 2015 respectively.

Experts say the location might have attracted upgraders from nearby private and public housing estates as well as employees from surrounding industrial employment centres and Nanyang Technological University.

PropNex chief executive Mohamed Ismail said while the project has set a benchmark price in the area, it demonstrates that buyers are willing to purchase properties with a good location and where they see a potential for upside.

Despite the recent property market cooling measures, these buyers might be confident that the local property market would have further strengthened by the time the project is completed in three years, he said.

'The rental yield will also be strong here as multinational companies might move into the area once it becomes one of the largest commercial centres... and (these firms) will start looking to rent,' he said.

Keppel Land had put in the top bid of $499 per sq ft per plot ratio, or $302.98 million for the hotly contested 1.61ha plot in May, reflecting the growing popularity of the area.

Plans for Jurong Lake District, covering 360ha - about the size of Marina Bay - will be implemented over 10 to 15 years, with two precincts.

Jurong Gateway precinct will be the biggest commercial hub outside the city centre with many government agencies, such as the Ministry of National Development and the Ministry of the Environment and Water Resources, and private sector business enterprises setting up headquarters by 2015. Lakeside precinct is to be turned into a world-class leisure destination for residents and tourists.

ESTHER TEO