Integrated developments are popular with buyers who appreciate having everything at their doorstep. An integrated development usually offers convenience and connectivity to residents by combining residential units with a shopping mall and a transport hub.
J Gateway condo almost sold out on launch day
Back in July 2013, two property launches drew plenty of potential buyers. The Jurong Gateway Condo and The ForestVille EC, with the former setting the pace in terms of sales volume.
JURONG EAST CONDOMINIUM: At initial launch, the J Gateway showflat opened for two weeks, allowing buyers to check out the 99-year leasehold development and lodge an interest.
Reportedly, about 1,400 blank cheques had been placed with the developer MCL Land and 1,500 people in all turned up for the balloting process. And by the end of the day, 736 units in the 738-unit complex had been sold.
Units were sold at an average of $1,480 per sq ft (psf), said MCL Land chief executive Koh Teck Chuan. The one-bedders went for about $1,778 psf, beating initial expectations of $1,650 psf, while four-bedders were sold at $1,400 psf. This was a record high for the Outside Central Region (OCR) at its time.
Mr Koh added that the buyers mostly had local addresses and were living in the Jurong vicinity. Buyers told The Straits Times that they were attracted by the condo's proximity to Jurong East MRT station and four malls earmarked for the area. A hotel to be developed by Resorts World Singapore will also be built.
Another buyer, Madam Shirlyn Ng, 36, said that though prices were slightly high on a psf basis, she had no problem with it as she expects strong rental demand from expats working at the nearby International Business Park.
All in all, the remarkable success of J Gateway Condo's integrated development in July 2013 highlights the growing appeal of all-in-one living experiences, particularly among residents of the Jurong area. Combining residential units with shopping facilities and excellent transportation links, J Gateway set a record high for pricing in the Outside Central Region, showcasing the demand for such integrated complexes.
New Launch Integrated Development - J'den Condo
It is now 10 years since the launch of J Gateway Condo and a brand new development just across the Jurong East MRT Station is on its way. CapitaLand will tear down its iconic mall with the Olympic sized Ice Skating Rink – Jcube and replace it with the highly anticipated J’Den Condo.
With the popularity of integrated hubs, will J’den Residences repeat history and sell out during its initial launch at record high PSF like its predecessor J Gateway Condo? We will likely find out in the final quarter of 2023.
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