Where industrial buildings and wide open spaces used to dominate, the Jurong Lake District has been slowly undergoing a transformation. It is now home to many HDB blocks as well as executive condominiums (ECs) and private condominiums.
Jurong Lake District – Singapore’s 2nd CBD
Scheduled under URA’s Masterplan to be the second Central Business District (CBD), it will have a big part to play in Singapore’s economic growth. This would be an injection of 100,000 new jobs and 20,000 new homes in the district. This could mean a demand of 9 million sq ft of office space.
The entire Jurong Lake District will span 360 hectares in total. The current CBD is 5 times larger. Thus it will not be a matter of competition by size. What will then set the Jurong Lake District apart from the existing CBD in the country’s South? Connectivity will be key with its proximity to the High Speed Rail (HSR) terminus and Tuas Mega-port. There are plans to develop it around livability. An emphasis on residential development would mean putting aside 40% of the mixed-use areas around the HSR for homes.
There are talks about making the district car-lite, with a focus on public transport-accessibility. Some zones will be delegated to public transport. Planning for a logistics hub outside of the district will also minimise the traffic volume from delivery vehicles.
How will businesses take to this new district?
The question is – Will businesses bite? Property analysts say this may depend on whether URA reduces the release of land plots in the Marina Bay area. The financial scale naturally weighs heavily on businesses’ decision-making process. The rental gap will need to be approximately 60% for the shift to happen. There is also the timeline to think about. The masterplan will only be finalized in 2019 and the developments coming to fruition only in 2040.