A month ago, discerning property purchasers rushed to submit their cheques to secure units of Jui Residences, which had just been launched in the up-and-coming city fringe growth district of Serangoon in Singapore. Jui Residences is a development by SDB Asia Pte Ltd, a wholly owned subsidiary by Selangor Dredging Berhad (SDB).
The allure of Jui Residences stemmed from the fact that it had been marketed as “freehold properties at leasehold prices”, coupled with the fact that it promises to be another exciting development by renowned Malaysian developer SDB, which had to date launched five extremely successful and highly acclaimed projects in Singapore.
Earlier this year, Malaysia’s New Straits Times reported that SDB’s Hijauan on Cavanagh had clinched the World Silver Winner of FIABCI World Prix d’Excellence Awards 2018 in the Residential (Mid-Rise) category – beating other international developers to claim this prestigious trophy which recognises excellence in real estate worldwide.
The name SDB has also become synonymous with innovative design thinking, aesthetics and harmonious living, as well as being future-focused for the long term.
According to a Business Today report earlier this week, Jui Residences had been “selling like hot cakes with some 40% snapped up” as at press time.
Now, renowned business thought leader and a former Microsoft Managing Director Alex Wai Choon provided us with his reasoning as to why, as per Business Today’s expression, “Jui Residences is still selling like hot cakes”.
According to Alex (pic – with Bill Gates), Jui Residences is set to revitalise the “up and coming area of Serangoon”.
A Serangoon native, Alex grew up and spent much of his life in Serangoon, a short distance from what was the National Aerated Water Company (now Jui Residences).
“I am pleased that this heritage area is being preserved by SDB,” Alex said.
He added that Jui Residences is located in a strategic city fringe location, being close to the Pan Island Expressway and Central Expressway, as well as readily accessible to the MRT and bus lines. “I believe that Jui Residences would be a centerpiece for the Serangoon area.”
Once a farming community, the Serangoon area has grown in tandem with the times.
The Jui Residences (Jui means ‘water’ in Hokkien) is aptly named, due to the presence of the nearby Kallang River, and the plans for the conservation of its natural beauty.
SDB is no stranger to ecologically-friendly development projects; back in 2013, its Sungai Satu river rehabilitation project in Penang was endorsed by the state government, with then-Chief Minister Lim Guan Eng (now Malaysia’s finance minister) urging others to adopt SDB’s cutting-edge sustainable technology to treat other polluted rivers in Penang.
Eugene Lim, Key Executive Officer of ERA Realty Network Pte. Ltd., opined that with buyers on the lookout for good properties, there will be significant interest in properties that are deemed to have the right attributes, such as being on the city fringe, MRT accessibility, and reasonable prices.
“With the government only releasing land on 99-year leasehold titles, freehold properties typically command a premium over similar leasehold properties. The idea of owning a property forever and being able to pass the property down for generations is an attractive one,” Lim explained.
Located only 10 minutes away from the Orchard Shopping District, the Central Business District in Raffles Places, and Marina Bay, and within walking distance to Potong Pasir MRT.
Moreover, Lim pointed out, it is the only new freehold development in the immediate vicinity in the last few years. “With attractive prices from SGG1,700 psf, Jui Residences is selling at similar or lower prices than nearby leasehold new launches. Looking at the land cost and expected prices for the new launches in 2019, Jui Residences offers value at its current prices. There is also a potential upside, as the developer is likely to remove discounts and increase its prices when comparable developments are launched at a higher price.”
Jui Residences is located right in the center of Bidadari and Kampong Bahru areas, which the Urban Redevelopment Authority has identified as growth districts. Additionally, plans to rejuvenate the iconic Kallang River are already underway. By 2030, it is estimated that an additional 100,000 residential homes will be built in that area, transforming the Kallang River into a lifestyle hub.
The Kallang Park Connecter Network (PCN), a 9km stretch that forms part of the ever-growing Singapore Park Connecter Network is integrated within Jui Residences.
The Kallang PCN links the development to various places such as the Singapore Sports Hub. Traditionally values of properties move in tandem with surrounding amenities development, hence one can expect extraordinary capital growth from Jui Residences when this major rejuvenation plan materialise in the near future.