Chart of the Day: See how Jurong Lakeside home prices surged 63%

Since plans for Jurong Lake District were unveiled.

Prime Minister Lee Hsien Loong on Sunday disclosed two new exciting developments that could add more buzz to the Jurong Lakeside District: 1) a new Jurong Lake Gardens and 2) a Singapore-Kuala Lumpur High Speed Rail.

A report from Barclays indicates that the buzz created from the efforts for greenery attractions in the area could improve home values there eventually when the vision materialises, and developers could take a keener interest in an upcoming land bid between Lakeville and Lakeshore.

Barclays adds however that it does not expect a significant uplift to home prices near term as private home prices have risen an average 63% since the unveiling of the plans for Jurong Lakeside District in 2008, and the latest Lakeville project (by MCL Land, a wholly owned subsidiary of Hongkong Land (HKL SP, UW, US$5.80) has met resistance (sold only 33%) at the S$1,310psf price level. The property cooling measures that are still in place should also prevent excessive speculation.

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