Jurong property prices not affected by High Speed Rail delay

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Jurong property prices not affected by High Speed Rail delay

Experts do not expect the deferment of the KL-Singapore High Speed Rail (HSR) project to significantly affect property prices in Jurong...

Artist’s impression of a High Speed Rail train.

Market experts do not expect the deferment of the Kuala Lumpur-Singapore High Speed Rail (HSR) project to significantly affect property prices within the Jurong area, reported the New Paper.

This comes as the HSR only forms part of the blueprint for the rejuvenation of Jurong, explained PropNex executive chairman and CEO Ismail Gafoor.

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The Jurong Lake District’s blueprint was first released in 2008 as part of efforts by the Urban Redevelopment Authority to grow new employment centres beyond Singapore’s central area.

Meanwhile, the government announced plans to build the HSR terminus in Jurong East only in 2015.

In fact, shopping malls like Westgate and Jem had sprung up within the area even before the HSR developments, said Ismail.

“Prices in Jurong had started to move upwards in the last few years because of developments like the malls and Ng Teng Fong General Hospital,” he said.

ZACD Group executive director Nicholas Mak said many offices are there “because of the business park or because they want to be near the manufacturing spaces there… The malls also serve the resident population”.

Looking ahead to the next five years, Ismail expects property prices in Jurong to be “sustained as the west continues to be rejuvenated, with construction like the mega port”.

And since the HSR project is only postponed for around two years, he does not expect it to have a “major impact” on properties.

“If it is delayed for 10 years, maybe there would be a problem.”

Did you know that Jurong was once infested with crocodiles? Learn more about how Jurong East has developed over the years.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg