Singhaiyi Sells Over 23 Sora Jurong Lake District Average Price 2160 Psf

The recent tender for Novo Place EC sparked intense competition, with nine bidders vying for the coveted development. Ultimately, the joint developers emerged victorious with a groundbreaking bid of $348.5 million, translating to a land rate of $703 per square foot per plot ratio (psf ppr). This staggering price surpasses the previous record of $662 psf ppr, which was set in March 2022 for a site at Bukit Batok West Avenue 8. The success of Novo Place EC has set a new benchmark for EC land rates, solidifying its position as a highly sought-after project. Learn more about Novo Place EC and its remarkable achievement in this milestone deal.

OCR sells 24-26 & 28 Lorong 6 Toa Payoh to Toa Payoh Lorong 6 (Private) for $2 milIn partnership withThe developer of Sora, SingHaiyi, along with joint venture partners KSH Holdings and Ho Lee Group, saw success with the sale of 102 units over the weekend of July 5-6. The sales represented a take-up of approximately 23% of the 440-unit, 99-year leasehold condo located on Yuan Ching Road in Jurong Lake District. Despite this, the developer announced that there were still ongoing deals being made at the project.According to SingHaiyi, 320 units were released for sale over the weekend, with the one-bedroom-plus-study units proving to be the most popular, with over 80% of the units being sold. The two-bedroom and two-bedroom-plus-study units were also in high demand among buyers, further demonstrating the appeal of the development.The one-bedroom-plus-study units, which measure 538 sq ft in size, were listed for sale at prices starting from $996,000, while the two-bedroom units measuring 646 sq ft were priced at over $1.305 million, according to ERA Singapore CEO Marcus Chu.According to Huttons Asia CEO Mark Yip, nearly 95% of the units sold were priced below $2 million, making them highly attractive to potential buyers. He also commented that while the development had a starting price of $1,850 psf, the average price of units sold at Sora was around $2,160 psf. PropNex CEO Ismail Gafoor added that the prices at Sora were “comparable” to those at the adjacent Lake Garden Residences project, which was launched a year ago.The artist’s impression of Sora, which boasts a 300m frontage along Jurong Lake Gardens, offers a glimpse of the development’s luxurious facilities and beautiful surroundings.On its launch weekend in August 5-6, 2023, 71 units (23%) at Lake Garden Residences were swiftly snapped up at an average price of $2,120 psf. The project, which spans 306 units, has also enjoyed a boost from the market debut of Sora, with 141 units (46%) already sold and average prices at around $2,127 psf as of July 7.Sora’s luxurious surroundings and the view overlooking Jurong Lake Gardens have been major drawcards for buyers. Raymond Chia, group CEO of SingHaiyi, noted that over half of the buyers are under the age of 40, which he sees as a reflection of the ongoing rejuvenation in the Jurong Lake District and the trust that buyers have in Sora’s potential and relevance.J’den, another recent condo project launched in the Jurong Lake District, saw 88% of its 368 units sold on its launch weekend in November last year, at an average price of $2,451 psf. A redevelopment of the former JCube mall, the 99-year leasehold condo stands on a commercial podium that is directly linked to the Jurong East MRT Interchange Station for the East-West and North-South Lines, as well as the upcoming Jurong Regional Line.Caveats lodged indicate that J’den is currently 91% sold, with an average price of $2,459 psf. The transaction prices of J Gateway, J’den and Lake Garden Residences at Jurong Lake District have all experienced an upward trend over recent years, according to EP Buddy, a digital platform that provides data-driven insights on the property market.Before J’den, the last private condo project launched in the Jurong Gateway was the 738-unit J Gateway in July 2013. Almost all of the units were quickly sold within the first month of its launch, at an average price of $1,467 psf, over a decade ago. In the years since then, resale prices at J Gateway have climbed past $2,000 psf, with a two-bedroom unit measuring 700 sq ft being sold for $1.53 million, based on a caveat lodged in June, setting a new high of $2,187 psf.Read also: Sora’s preview weekend draws 3,000 visitors to sales galleryAdvertisementAdvertisementPropNex CEO Ismail Gafoor stated that interest in Sora was not limited to residents of the Western region. In fact, only 30% of buyers were from Jurong and Clementi, while the majority were drawn in by the development’s luxurious amenities and facilities, as well as its stunning views and the potential of the new urban hub of Jurong Lake District.