Jurong property prices up after High Speed Rail announcement

Property prices in Jurong are projected to increase by up to 5 per cent once construction of the Singapore-Kuala Lumpur High Speed Rail terminus is completed.

In fact, some agents said prices are already up 1 per cent, just a week after the location of the terminus was announced.

The Singapore-Kuala Lumpur High Speed Rail terminus will only be ready after 2020, but the impact on property prices in the Jurong vicinity can already be felt.

Jurong is slated to be Singapore’s second Central Business District, and analysts expect the area to attract more manufacturing companies, schools, as well as entertainment.

Ms Susan Mariam, associate director of property agency OrangeTee, advises property owners to hold on to their properties for the time being. “With regard to selling and buying, especially sellers who have a property in Jurong … if they can hold on to their property, it’s better for them to hold on till everything is settled after seven years,” she said.

Ms Mariam added that those looking to purchase property in Jurong in light of the announcement should strike while the iron is hot. “For those buyers who have the intention to buy in Jurong because of the new development, I believe it’s better for them to grab it now, within one or two years’ time.”

Source : Channel NewsAsia – 13 May 2015