Expect more land sales soon.
If you are a homeowner in far-flung Jurong West, then you are in luck because property prices in the area are expected to shoot up in coming years. The once-sleepy swampland has been tagged to become Singapore’s answer to the Silicon Valley, and analysts reckon that property prices in the area will rise in tandem with the completion of the new Jurong Innovation District (JID).
“As the development of JID takes shape, we can expect demand for real estate ranging from homes, offices, retail, hospitality and industrial to rise and along with this, a general rise in real estate value in and around JID,” said Tay Huey Ying, head of Singapore research at JLL.
Tay added that the JID’s development will trigger an increase in private-sector interest in real estate development and investment in the area.
“Thus, we can expect to see an increased level of activity in this locality in time to come. Potentially, the Government Land Sales programme might soon start to incorporate land parcels in and around JID to kick-start the transformation,” Tay said.
Christine Li, head of research at Cushman and Wakefield, said the JID will serve as an alternative location for budding tech and creative entrepreneurs to ride on the wave of big data, IoT(Internet of Things) and e-commerce .
Strategically positioned near the High-Speed Rail between Jurong and Kuala Lumpur and the Smart Nation Trials at the Jurong Lake District, Li noted that JID may one day measure up to the ecosystem of Silicon Valley in San Francisco.
“Over time, the scale of the tech and creative clusters in the western part of Singapore could possibly rival that of Silicon Valley in San Francisco and will further attract regional and international tech and creative companies to set up offices here. As such, residential, office, retail, particularly the F&B sectors in the west will benefit over the medium to long term,” Li said.
The first phase of the Jurong Innovation District is targeted for completion around 2022.
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