J'den, Hillock Green to 'breathe life' into lacklustre primary market
The developments sold 88% and 27% of their units, respectively.
Given the enthusiastic response of buyers to J'den and Hillock Green, PropNex believes the two developments will help "breathe life" into the primary market, which has seen relatively lacklustre new home sales, excluding executive condominiums (ECs).
J'den sold 88% of its units, whilst Hillock Green sold around 27% of its 474 units over its launch weekend.
Whilst Hillock Green had lower sales than J'den, PropNex believes the take-up rate for the former is "encouraging, given the sizable number of new homes that have already been sold at Lentor Modern and Lentor Hills Residences in the past year, as well as the upcoming new launches in the Lentor area."
"Unlike J’den, Hillock Green faces more competition due to the ample stock of new homes in the area and the element of pent-up demand is also less intense since there were recent launches there. However, we think a take-up rate of more than 27% is a positive start and we believe some buyers may need more time to compare between new launches in the mass market before making a purchase," PropNex said.
Meanwhile, Huttons attributed the brisk sales of J'den to the "pent-up demand and the desire from buyers to stay in the heart of Jurong Lake District."
"JLD will be the 2nd CBD and largest mixed-use business and world-class sustainability district outside the central area. JLD will be the new gateway to Singapore and a new hub for emerging science and innovation corridors in the West. Buyers gain a first-mover advantage as JLD is progressively developed in the next five years," Huttons said.
"Buyers also indicated that they like J'den for the convenience as it is a mixed-use development directly linked to the MRT station," Huttons added.
PropNex said there is a heavy preference for projects that are within walking distance to the MRT station, close to amenities, have a decent “growth story”, and are priced at what they perceive to be realistic, amongst buyers.
"Looking at recent buying trends, it is clear that buyers today are very selective," PropNex added.