Jurong Gateway seals status as major commercial hub
by Cheryl Tay
Upcoming property launches including shopping malls, a hotel, hospital and new office space will fortify Jurong Gateway's (pictured) position as a major commercial hub in Western Singapore.
However, there are a limited number of residential projects in the area, said analysts. The 280-unit Westmere executive condominium (EC) and Ivory Heights, a former HUDC project, are among the few condos there. However, a new condo project to be built along Boon Lay Way is being developed.
The 70 ha Jurong Gateway is poised to yield 500,000 sq m of office space, 250,000 sq m of space comprising retail, entertainment and F&B features, alongside 2,800 hotel rooms under the 2008 Master Plan, reported The Straits Times.
Despite this, analysts say office space is limited, with the main office buildings being the CPF Jurong Building and JTC Summit.
Desmond Sim, Research Associate Director at CBRE, said there is around 1.1 million sq ft of office space.
Nevertheless, a 1.1 ha site along Venture Avenue is expected to increase this number, as it will be allotted mainly for office use.
Most of the current developments in the vicinity are retail malls, business parks and institutional facilities, said Alice Tan, Senior Manager at Knight Frank.
These business parks include the 1A International Business Park, 29A International Business Park and Icon@IBP. Meanwhile, retail malls include Jurong Entertainment Centre, now renamed JCube, and the IMM mall, which is now undergoing refurbishment.
Moreover, new malls are still under development, such as Jem by Lend Lease, Big Box Retail development by TT International and Westgate by CapitaLand.
Another new project is the 700-bed Ng Teng Fong General Hospital set to be completed in 2014.
Lastly, Tamerton, a unit of Genting Singapore, will build the first hotel site in Jurong.Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email cheryltay@allproperty.com.sg Related Stories:Singapore hotelier buys London hotel Debt availability to boost 2013 global hotel dealsIconic Singapore venues get makeover
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