In less a decade, Jurong has transformed itself from a boring industrial district to a booming town filled with not just commercial properties but residential ones. Can it be Singapore’s second Central Business District (CBD)?
Jurong – a liveable ecosystem
No longer is it simply Jurong, but the Jurong Lake District (JLD). The latter is a term coined under the Government’s 2008 master plan to develop the Jurong Lake and the area around Jurong East MRT station into a lakeside destination for business, leisure, and living.
Almost 10 years on, the Urban Redevelopment Authority (URA) launched a draft masterplan this year to further promote the area as a second CBD. The aim is to create more than 100,000 new jobs in the maritime, infrastructure and technology sectors as well as build 20,000 more homes.
Ready talent and tenant pool
Today, there are more than 1 million people living in the western districts of Singapore. With the ready talent pool, also comes a ready tenant pool. It’s proximity to Malaysia will also open up a market of expatriates in need for living spaces.
The High Speed Railway (HSR) will connect Kuala Lumpur up with Singapore with trains running as frequently as half-hourly. The terminus which has an estimated completion date of 2026 will be in the Jurong Lake District.
The Jurong Lake District also sits along the “tech corridor” with the business park One-north in Buona Vista, the Jurong Innovation District and Nanyang Technology University in Jurong West all in its periphery.
New developments in this district will differ from the traditional CBD in their ability to integrate residential, commercial and leisure amenities. The URA plans to sell plots of land to master developers who will bring a sense of creativity to the area by adding their unique touches to new developments.
As a new business district, the Jurong Lake District is also not plagued by the ire of peak-hour congestions, not yet at least. Thus the benefits of setting up shop or home here, for now, outweighs the cons.