Strong demand ahead of J Gateway condo launch

http://www.businesstimes.com.sg/arch...aunch-20130628

Published June 28, 2013

Strong demand ahead of J Gateway condo launch

1,400 blank cheques put in for units in condo near Jurong East MRT station

By Felda Chay


MCL Land's J Gateway condominium in Jurong East will be launched for sale to the public only tomorrow, but already, prospective buyers have showed up at its two-week-old showflat and plonked down 1,400 blank cheques to signal their interest.

These are for the 738 units in the development.

Property cooling measures or no, the clamour for this first condominium to be launched near Jurong East MRT station in 10 years is loud and clear.

And it is not as if the units in the 99-year leasehold project will go cheap; prices are expected to hit a record high for the area.

When contacted, MCL Land, a subsidiary of Hong Kong Land, declined comment.

But marketing agent Huttons has previously said that the average prices of homes in the development can be expected to range from as high as $1,650 per square foot (psf) for a 474 sq ft one-bedder to $1,450 psf for a 1,163 sq ft four- bedder.

The $1,650 psf price tag will be a record for the Jurong East area.

A source said the developer's directors were allowed to purchase units yesterday.

A one-bedroom, 474 sq ft unit on the 18th floor went for $1,617 psf; another one-bedder of this size on the 13th floor was sold at $1,477 psf.

Two-bedroom units went at between $1,453 psf for a 678 sq ft unit on the eighth floor and $1,685 psf for a 28th-storey unit of the same size.

Another source said he was told prices could hit $1,800 psf when the project opens for preview tomorrow. Balloting will start tomorrow for those who have submitted cheques for registration.

Referring to the $1,650 psf indicative price tag for some units, he said that although it will be a record, "it is not that high if you think about how some units at Keppel Land's The Lakefront Residences have changed hands at over $1,400 psf".

The Lakefront Residences, a 99-year leasehold project near Lakeside MRT station, is to obtain its temporary occupation permit (TOP) in 2015.

Some units at the recently launched 99-year leasehold The Trilinq were sold for $1,500 psf. Its website claims it is a 10-minute walk to Clementi MRT station.

BT understands that the most popular units at J Gateway are the two-bedders, said to be over five times over-subscribed.

J Gateway, located beside shopping malls JCube and Jem, has 259 one-bedders, 245 two-bedders, 181 three-bedders, 47 four-bedders and six penthouses.

It will be completed in 2016.