Professionals in the market sector did not consider that the postpone of the Kuala Lumpur-Singapore High Speed Rail (HSR) campaign will cause a great impact on the property prices around the Jurong district.
PropNex executive chairman and CEO Ismail Gafoor rationalized that the HSR campaign solely makes up a component of the design and plan of Jurong.
The plan for Jurong Lake District was announced in the year of 2008 where it was initiated by the Urban Redevelopment Authority to expand in the job opportunities apart from the usual Central Business District in Singapore.
While this is ongoing, there were proposals that were publicized to firm up the HSR terminal in Jurong East 3 years ago.
Besides, amenities catered for the public such as Westgate and Jem have been established in the district way ahead.
Ismail Gafoor went onto elaborate that the prices in Jurong were increasing over the years as more shopping centres and hospitals were established.
ZACD Group executive director Nicholas Mak commented that there are several working places that are established as it is either known as the business hub or it is close to the manufacturing spaces. The shopping centres are also meant to cater the public.
On foresight for the following 5 years, as this district revamps and improves, Ismail hopes that the property prices in this district will remain as it is due to the fact that this campaign would be likely to be deferred for roughly 2 years. This means that there will not be any adjustments in the prices.
With this being said, there will also be an issue if this project is postponed to ten years later.