The Lakeville condominium project (pictured) by MCL Land will be launched at an average price of $1,250 to $1,350 psf, according to media reports.
Its CEO Koh Teck Chuan said this will be the early bird pricing on balloting day, to entice potential buyers once the project opens for booking today.
However, the developer has not decided on how many units will be initially released as that will depend on the demand, said Koh.
Located in the Jurong Lake District and close to the Chinese Garden, the development sits on a 240,654 sq ft site that was acquired by MCL Land in January 2013 for $439 million, or $651 psf per plot ratio.
Koh noted that there is huge pent-up demand in Jurong and Lakeville will benefit from the transformation of the area into a regional centre.
Meanwhile, analysts have noted that the project’s pricing is reasonable. In comparison, units at the 738-unit J Gateway, an earlier project by MCL in Jurong East, were sold at an average psf price of $1,480 during the launch last July.
Moreover, resale prices at Keppel Land’s Lakefront Residences near Lakeside MRT station have stood at $1,121 psf on average over the last two years. The project was launched in 2010 at an average price of $1,020 psf.
Ong Kah Seng, Director at R’ST Research, expects the Lakeville project to witness a good-take up from owner-occupiers given that it is close to an MRT station and the area is “increasingly shaped into an enchanting residential enclave”.
He added: “There is promising investment potential in Lakeside, a tested leasing demand area, although the increased supply will mean that rents have to be pegged attractively and investors need to have a realistic, long-term investment expectation.”
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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