CapitaLand Obtains Approval to Develop JCUBE Condo Residence in Singapore

CapitaLand Obtains Approval to Develop JCUBE Condo Residence in Singapore

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Singapore-based CapitaLand Development (CLD) has secured provisional approval from the Urban Redevelopment Authority (URA) to redevelop the JCube site in Jurong East for a 40-storey residential and commercial development. The new project, dubbed JCube Residence, is slated for completion in 2027 and is expected to launch for sale in the second half of 2023.

The move follows a decade of providing leisure and edutainment at the JCube location and will make way for a mixed-use development that includes commercial space on the first and second storeys. The units are estimated to have a S$2,000 to S$2,100 per square foot price tag, and will be connected to the Jurong East MRT interchange, Westgate and IMM Building via the J-Walk, a covered elevated pedestrian network in the Jurong Lake District (JLD).

The redevelopment of JCube for JCube Residence complements the Singapore government’s plans to add new businesses, recreational facilities and amenities to the JLD. It also adds to the anticipation over potential residential launches in the vicinity, including a 6.8-hectare mega white site on the confirmed list of the first half of the 2023 government land sales programme.

The new JCube Residence development is expected to alleviate pent-up demand for housing in Jurong, given the lack of new condo launches in recent years. It is also likely to boost home prices in the resale market and may have a spillover effect on the Bukit Batok and Clementi areas near to JCube Residence.

Desmond Sim, chief executive of Edmund Tie, believes that demand for affordable suburban housing will still be relevant, noting that “the perfect price will still garner interest”. JCube Residence will also benefit from being connected to a variety of amenities and recreational facilities nearby.

CapitaLand is working closely with JCube’s tenants to ensure a smooth handover of the premises and the mall’s last day of operations is August 6. JCube Residence is set to bring new homes, businesses, recreational facilities, and amenities to the Jurong Lake District, providing a welcome development for the area.

CapitaLand Development (CLD) recently obtained provisional permission from Singapore’s Urban Redevelopment Authority to redevelop the JCube site, set to close its doors in August, and make way for a 40-storey residential and commercial development JCube Residence.

The new JCube Residence development is estimated to have a S$2,000 to S$2,100 per square foot (psf) price tag for residential units and will have commercial space on the first and second storeys. It is slated for completion in 2027 and will be connected to Jurong East MRT interchange, Westgate and IMM Building via J-Walk, a covered elevated pedestrian network in the Jurong Lake District (JLD).

Eventually, JCube Residence will be linked to the upcoming Jurong East Integrated Transport Hub, which boasts a bus interchange, public library, community club and sports centre, among other amenities near to JCube Residence. CLD expects to launch JCube Residence new development for sale in the second half of 2023.

The redevelopment of JCube for JCube Residence, along with the other potential launches in the area, come as a welcome development for the region. Demand for residential housing in Jurong has been on the rise, due to the lack of new condo launches in recent years. Property analysts are expecting the new JCube Residence to have an average selling price of S$2,100 psf and upwards, aligned with recent launch prices of the outside of central region developments.

JCube Residence will likely boost home prices in the resale market and possibly have a spillover effect on the Bukit Batok and Clementi areas. Desmond Sim, chief executive of Edmund Tie, believes that demand for affordable suburban housing will still be relevant, noting that “the perfect price will still JCube Condo garner interest”.

The closure of JCube marks the end of an era and make way for JCube Residence location. CLD is working closely with JCube’s tenants to ensure a smooth handover of JCube Residence premises and the mall’s last day of operations is Aug 6. With the redevelopment of JCube for JCube Residence, the potential launches in the vicinity, and the Singapore government’s plans to bring new homes, businesses, recreational facilities and amenities to the JLD, JCube Residence will be a welcome addition to the Jurong Lake District.

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