Wing Tai bets on first-mover advantage, pricing The LakeGarden Residences from just under $2,000 psf
By Timothy Tay
/ EdgeProp Singapore |
The LakeGarden Residences is a 306-unit, 99-year leasehold condo by Wing Tai Asia. (Picture: Albert Chua/The Edge Singapore)
Wing Tai Asia is set to preview its 306-unit The LakeGarden Residences on July 22, making it the first developer to launch a new private residential project in the developing Jurong Lake District in seven years.
The last new-project launch in the Jurong Lake District was the 710-unit Lake Grande in 2016, says Ismail Gafoor, CEO of PropNex. Before that, the 696-unit LakeVille was launched in 2014; and in the Jurong Gateway area in Jurong East, the last new condo launch was the 738-unit J-Gateway in June 2013.
The LakeGarden Residences is “one of the most anticipated project launches this year”, says Gafoor, given its location within Jurong Lake District and fronting the 90ha Jurong Lake Gardens.
“The LakeGarden Residences taps into a growing awareness of wellness and being close to nature. During the pandemic, we heard of more people taking up cycling, hiking, and spending more time outdoors. This project would appeal to such nature lovers and sports enthusiasts,” says Gafoor.
Ow Yeong: We are certain that buyers will appreciate the unblocked views of the Jurong Lake Gardens. (Picture: Albert Chua/The Edge Singapore)
The LakeGarden Residences is also Wing Tai’s first sustainable development with a myriad of low-energy and renewable energy features built into the project, says Stacey Ow Yeong, senior general manager and head of marketing at Wing Tai Asia.
The 99-year leasehold development has been given the Green Mark Platinum (Super Low Energy) certification by the Building and Construction Authority (BCA). According to BCA, this is granted to best-in-class performing Green Mark buildings that achieve at least 60% energy savings.
Lake views, Jurong Lake District
Wing Tai has angled the two 19-storey residential blocks at The LakeGarden Residences to maximise the views of the greenery, says Ow Yeong. She adds that when The LakeGarden Residences is completed in 2027, about 75% of the units will enjoy these views.
“We are certain that buyers will appreciate the unblocked views of the Jurong Lake Gardens,” she says.
The 120ha Jurong Lake District is targeted to have 100,000 new jobs and 20,000 new homes by 2040-2050, adding to the one million residents already in the western region.
“We expect sizeable demand from home buyers and investors who want a first-mover advantage in acquiring new-launch units in an up-and-coming region like the Jurong Lake District,” says Marcus Chu, CEO of ERA Singapore.
Development plans to transform the area into Singapore’s second CBD will allow home buyers to enjoy future capital appreciation, adds Chu.
Gafoor concurs with this sentiment, adding: “We believe home buyers are excited about the Jurong Lake District and the government’s plans to transform the precinct.”
The model of The Lakegarden Residences also includes the adjacent park, showcasing its proximity. (Picture: Albert Chua/The Edge Singapore)
In June this year, URA launched the tender for a 6.5ha white site for sale to a master developer in June this year. Comprising three plots that will link to Jurong East MRT Interchange, the site could yield up to 1.57 million sq ft of office space, about 1,700 residential units, and 785,480 sq ft set aside for complementary uses. The tender for the master developer site closes in March next year.
The LakeGarden Residences reflects Wing Tai’s consideration of a lighter environmental impact, says Ow Yeong. “In addition to an architectural consultant, we also commissioned a landscape consultant to complement the existing greenery and biodiversity, as well as a lighting consultant to advise on a lighting concept for the whole project that minimises the overall light pollution onto the nearby public park,” she adds.
Wing Tai has also vested back to the government close to 5,000 sq ft of its site to create a side-gate with direct access to the neighbouring park.
Unit mix
The project offers one- to five-bedroom units that range from 484 to 1,550 sq ft. About 74% of the units comprise two- and three-bedroom unit types including those that come with a study. There are also four duplex penthouse units that range from 2,002 to 2,260 sq ft, and each comes with private lift access.
Wing Tai is showcasing three different unit layouts in the sales gallery, which is located opposite Chinese Garden MRT Station on Boon Lay Way.
The smallest showflat is the two-bedroom-plus-study unit. The project offers 19 such units, which range from 775 to 936 sq ft. The developer is also introducing a “compact plus” two-bedroom design which features an en suite master bedroom, a second bedroom, and a study area and a powder room given the provision for a toilet and a sink.
The two-bedroom-plus-study showflat at the sales gallery. (Picture: Albert Chua/The Edge Singapore)
“We think this is a functional layout and we are responding to the needs of buyers today who say that they need more practical and functional spaces like this,” says Ow Yeong.
Another showflat is the three-bedroom-plus-study unit. The condo has 74 such units, which range from 1,098 to 2,002 sq ft. There are also 39 three-bedroom units that range from 926 to 1,216 sq ft.
The largest showflat is a 1,550 sq ft, five-bedroom unit, of which there are only 17 units. These units are the only ones that come with a private lift lobby and appliances such as a dishwasher and a wine chiller.
Additionally, the four- and five-bedroom units are the only types where the kitchen is fitted with both a conventional and steam oven. These larger units will also have separate washers and dryers.
There are four penthouse units in the entire condo: a three-bedroom-plus-study, a four-bedroom, a four-bedroom dual-key variant, and a five-bedroom-plus-study.
The three-bedroom-plus-study showflat at the sales gallery. (Picture: Albert Chua/The Edge Singapore)
According to Justin Quek, deputy CEO of OrangeTee & Tie, the developer has designed the units to cater to families. This should appeal to HDB upgraders in the Jurong area. “There is a healthy volume of transactions in both the HDB resale market and private residential segment in the Jurong area,” he says. Hence, he expects “good demand” for the new private condo project.
ERA research shows that in 1H2023, 70.8% of purchasers of condo units in the resale market in the Jurong area of District 22 were Singaporeans, while 23.5% were permanent residents. Hence, Chu expects buyers to be a good mix of investors and owner-occupiers, from singles to couples and families.
Prices start from just under $2,000 psf
Wing Tai aims to launch the project at prices starting from just under $2,000 psf, says Ow Yeong. She adds that prices will likely build up quickly as the developer progressively moves units.
One-bedroom-plus-study units of 527 sq ft are priced from $1.03 million ($1,954 psf), while three-bedders from 926 sq ft start from $1.8 million ($1,944 psf).
“The LakeGarden Residences presents a unique opportunity for buyers. As it is the first new launch [in the area] in seven years, pent-up demand will be strong,” says Ow Yeong.
The master bedroom of the five-bedroom showflat at the sales gallery. (Picture: Albert Chua/The Edge Singapore)
Given that new project launches in the Rest of Central Region are priced in the $2,400 to $2,500 psf range this year, while those in the OCR or suburbs are in the $2,000 to $2,100 psf range, prices in District 22 are due for a catch-up with the rest of the market, says Quek.
While The LakeGarden Residences is likely to set benchmark prices in Jurong, several OCR launches in recent years have also set a new benchmark in their respective locales, observes PropNex’s Gafoor.
Most home buyers have come to accept that prices have inched up due to rising costs with higher construction costs, land prices and borrowing costs, notes Gafoor. “However, developers are also aware that buyers remain price-sensitive and are therefore pricing their projects with that in mind.”
Sustainability efforts
As LakeGarden Residences has a Green Mark Platinum (Super Low Energy) rating, which is the highest sustainability rating for a new development in Singapore, many provisions have gone into achieving its super-low energy targets.
About 30% of the common areas in the condo will draw power from the series of solar panels that line the roof terraces of both residential blocks. “We could have added more solar panels to help offset our energy use, but the trade-off would be less space for roof decks and gardens for residents to enjoy,” says Ow Yeong. “I believe we managed to achieve the right balance.”
The kitchen of the five-bedders will have two ovens — one conventional and the other steam — as well as separate washer and dryer. (Picture: Albert Chua/The Edge Singapore)
Every unit in the project will have a parking space. The developer is also providing four pre-built electric vehicle (EV) charging lots, and 50 EV-ready lots with the electrical infrastructure built-in. “We anticipate that when this project is completed by 2028, a larger proportion of EV cars will be on the road,” says Ow Yeong.
Energy-saving efforts also start within each unit, which will have Bosch energy-efficient appliances. This is to comply with the Green Mark Platinum (Super Low Energy) certification, says Ow Yeong. “All our appliances are approved as the most energy-efficient in their category and certified by BCA.”
The project will launch on August 5.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles