CapitaLand’s J’den sells 88% of 368 units on launch day at average of S$2,451 psf

MIXED-USE development J’den sold 88 per cent of its 368 residential units on launch day at an average price of S$2,451 per square foot (psf), said CapitaLand Development (CLD) on Sunday (Nov 12).

All unit types in the development were well-received on launch day, with the one- and two-bedroom units being the most popular, said CLD. All 148 units of the one-bedroom, one-bedroom with study and two-bedroom types were sold. There was also “strong” take-up for the development’s larger three- and four-bedroom units by owner-occupiers, the group added.

Unit spaces range from 527 square feet (sq ft) for a one-bedroom unit to 1,485 sq ft for a four-bedroom unit.

J’den is a 99-year leasehold project comprising a 38-storey residential tower above a two-storey commercial podium. It is being redeveloped from the former JCube shopping mall in Jurong East; the site was acquired by CLD for S$340 million in January 2022.

CLD said that more than 99 per cent of the homebuyers are Singapore citizens and permanent residents, with close to 60 per cent aged 40 or below. About 62 per cent of the homebuyers currently reside in the western region of Singapore, it pointed out.

Ismail Gafoor, CEO of PropNex, noted that J’den’s sales performance on launch day has made it the best-selling project this year. “This is one of the most highly anticipated projects this year, as it is situated in a key landmark precinct in Singapore, the Jurong Lake District (JLD), which has been envisioned as the largest mixed-use business district outside the city centre,” he explained.

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Gafoor said that although J’den has set a new benchmark launch price for that locale, many buyers “are comfortable and confident” to enter the market to purchase units. “That is because they deem it as compelling given the project’s location attributes today, and also considering the potential upside in the future when the JLD is fully realised.”

Huttons Asia CEO Mark Yip attributed J’den’s brisk sales to “pent-up demand and the desire from buyers to stay in the heart of JLD”. The development has attracted a “good mix” of investors and owner occupiers, he observed, with buyers drawn to J’den’s convenience as it is directly connected to Jurong East MRT interchange station.

Investors would also be attracted to J’den, said PropNex’s Gafoor, as they anticipate the JLD to boost residential leasing demand when more businesses are set up in the precinct in the future.

Nicholas Mak, chief research officer of property portal Mogul.sg, noted that new residential projects within comfortable walking distance to Jurong East MRT interchange station are “few and far between”. The last residential project launched in the Jurong East town centre was J Gateway in June 2013, he added.

As there is “very limited” vacant land for future private residential developments around the Jurong East town centre, this could have contributed to J’den’s stronger sales performance, Mak said.

Analysts also compared J’den’s performance with the residential launch of Hillock Green at Lentor Central, which sold 27 per cent of its 474 units over the same launch weekend.

Gafoor said that pent-up demand for Hillock Green was “less intense” than that for J’den, given the ample stock of new homes in the Lentor area in the wake of recent launches.

He added: “However, we think a take-up rate of more than 27 per cent (for Hillock Green) is a positive start, and we believe some buyers may need more time to compare between new launches in the mass market before making a purchase.”