The Media reports that the Singapore High Speed Rail Terminus will be at Jurong East has caused great rejoicing among property owners in the area. Experts believe that the new terminus will automatically act as a spur to raise the area’s property prices as well as a stimulation to the retail and commercial activities in the area and they noted that the district is well placed to be able to make the most of this boost in prices and activity in Westwood Residences Singapore showflat.
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CBRE Research Head for Singapore and South East Asia, Desmond Sim said that Jurong East is convenient for commuters because it is the interchange of the main Mass Rapid Transit Lines, The East-West, North-South, and forthcoming Jurong region Line and thus easily accessible.
Christine Li, Cushman & Wakefield’s research director said, there is much business space in the area: Jurong Gateway offers 500,000 square metres of offices, 250,000 square metres of retail, food, beverage and entertainment space plus 2,800 hotel rooms and these factors make it an ideal suburban site for company HQS, business, education, science and technology services. A magnet for many different types of Westwood Residences activity.
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Malacca, Nisjaya and Batu Pahat are stops on the high speed line and businesses from these areas in Malaysia could well be attracted to the Jurong area. An added attraction.
Jenny Khoo, the General Manager of Jern, a mixed use development Westwood Residences, said that Retailers think that the new developments, including the new High Speed Rail Terminal, will attract a larger catchment of both shoppers and office workers to the shopping facilities.
One official at the Mapletree Industrial Trust expects increased demands for industrial space at the Trust’s two buildings in the Jurong area, once the new rail line is ready for service.
MCL Land, currently developing Lakeville, Jurong West Street 4, was also awarded a nearby condominium site during March 2015. Koh Tek Chuan, MCL Chief Executive expects that, given the greater accessibility and increased vibrancy and connectivity afforded by the new high speed terminal, the two development projects will attract more overseas buyers than might otherwise have been the case for Westwood Residences Singapore.
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PropNex Realty Chief Mohamed Ismail, said that during the first quarter 2015 non-landed property prices in Jurong fell by 8% from the previous quarter to $947.15 Singapore per square foot because of Government market cooling actions. In the same period, average rents on non-landed property increased by 6% to $3.30 Singapore per square foot. He added that property prices will slowly appreciate as the region develops over the next ten years.