PREVIEWS for the new Jurong project, The LakeGarden Residences, will start on Saturday (July 22), with prices starting at just under S$2,000 per square foot (psf).

The 99-year leasehold condominium by Wing Tai Holdings occupies 134,176 square feet (sq ft), with a gross plot ratio of 2.1. It was secured with a S$273.9 million bid at a collective sale tender in May 2020, at a 14 per cent premium to the S$240 million reserve price. This works out to a land rate of S$1,250 to S$1,260 psf per plot ratio (ppr). 

The development comprises 306 units in two 19-storey towers. The units include four duplex penthouses of between 2,002 square feet (sq ft) and 2,260 sq ft, each with private lift access. 

One-bedroom units, some including a study, are between 484 sq ft and 635 sq ft. Two-bedroom units start at 592 sq ft, three-bedroom units from 926 sq ft, four-bedroom units from 1,270 sq ft, and five-bedroom units from 1,550 sq ft. 

Nearly three-quarters of the units, or 227 units, will have two to three bedrooms, Wing Tai’s head of marketing Stacey Ow Yeong told reporters at a preview on Monday. 

This is mainly because the development is targeted at local owner-occupier buyers, she said. This includes Housing and Development Board suburban upgraders who are eyeing these units because they either live or work nearby, she added.

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Ow Yeong pointed out that The LakeGarden Residences will be the first condo launch in the area in seven years. The last launch in the vicinity was MCL Land’s Lake Grande in 2016. 

Caveats data from URA Realis showed that resale prices at Lake Grande have ranged from S$758,000 (S$1,853 psf) to S$2.1 million (S$1,628 psf) in the last few months. In late May, a 614 sq ft unit was transacted at around S$1 million or S$1,720 psf. 

Resale prices for private condo units in Jurong have ranged from S$703,000 (S$1,519 psf) to S$5.2 million (S$1,103 psf) in recent months. The latest transaction in mid-July was for a 2,002 sq ft unit in 99-year leasehold condo The Centris, which changed hands at just over S$2 million or S$1,021 psf. 

When asked whether a starting price of around S$2,000 psf might be too high for a new condo in Jurong, Ow Yeong pointed out that there is “little choice” in Wing Tai’s pricing, especially with soaring land, construction, logistics and financing costs. 

“With Lentor, an area that is so unattached, going for S$2,000 psf, I think (our pricing) is okay,” she said. “It’s not because we are all trying to push up the price unnecessarily. It is because the costs are just there.” 

Ow Yeong added that the vision for The LakeGarden Residences is a “sustainable contemporary home that harmonises with the surrounding gardens”. For instance, solar energy will power nearly a third (30 per cent) of the condo’s common areas, she said. 

“When completed, The LakeGarden Residences will be one of the best waterfront developments in the Jurong Lake District (JLD); it will be well connected to established amenities, educational institutions and transportation nodes,” she said.

Located at 80 and 82 Yuan Ching Road, The LakeGarden Residences is well within the upcoming JLD – soon to be Singapore’s largest business district outside the city centre, set up under URA’s decentralisation strategy. 

In March, Wing Tai acquired the 19-unit Holland Tower for S$76.3 million through a collective sale purchase. The land rate there works out to S$1,746 psf ppr.

Wing Tai’s executive director Tan Hwee Bin said the group plans to “leverage its superior location attributes” to redevelop the property into a “luxurious and iconic” residential development. 

The LakeGarden Residences will book sales from Aug 5, and is expected to deliver its notice of vacant possession in August 2027.