LakeGarden Residences, the latest new launch by Wing Tai Holdings has achieved significant traction, with 23% of its units sold during the launch weekend, boasting an average price of $2,120 per square foot.
Intriguingly, LakeGarden Residences has garnered attention from a diverse clientele.
Notably, 73% of the buyers are Singaporean nationals, followed by Permanent Residents constituting 25%, leaving the remaining 2% attributed to international purchasers.
Market sentiment has aligned favorably with the two-bedroom unit offerings, signifying a prevailing demand for this particular configuration. This trend echoes the strategic insight into the preferences of homebuyers within the vibrant Jurong Lake District.
LakeGarden Residences has been thoughtfully designed to encapsulate a comprehensive living experience. With panoramic vistas of Jurong Lake Gardens and a selection of wellness-focused facilities, residents are poised to relish a lifestyle of unparalleled luxury and sustainability.
About LakeGarden Residences
Strategically situated within the burgeoning Jurong Lake District, LakeGarden Residences stands as a testament to Wing Tai’s visionary approach. The district’s evolution, set to encompass integrated tourism attractions and the future Jurong Innovation District, positions the development as a cornerstone of progressive living.
The government has initiated the expansion of the Jurong Business District by introducing a 6.5-hectare master developer site, which was made available for tender on June 22nd. This site amalgamates three separate plots and is projected to entail an investment of no less than $5 billion, as estimated by CBRE.
The LakeGarden Residences is the result of redeveloping the former Lakeside Apartments, a property acquired by Wing Tai through an en bloc purchase last year for $273.89 million in May. Notably, some buyers of LakeGarden Residences were previous owners of Lakeside Apartments.
LakeGarden Residences’ journey is rooted in the successful redevelopment of the former Lakeside Apartments, a testament to Wing Tai’s strategic acumen. This transformation has resonated well with perceptive buyers who recognized the property’s intrinsic potential. The Lake Gardens Residences will continue to attract homebuyers in the vicinity as well as those who are anticipating the strong potential of Jurong Lake District (JLD).
As the Jurong Lake District undergoes a dynamic transformation, LakeGarden Residences serves as an exceptional proposition, offering residents an elevated quality of life enriched by numerous amenities.
The evolving market dynamics, characterized by a measured approach to property acquisitions, have contributed to LakeGarden Residences’ unique success story. In an era marked by meticulous evaluations and well-informed decisions, the development stands as an exemplar of value-driven home acquisitions.
The LakeGarden Residences is the first private condo launch in Jurong Lake District since the 710-unit Lake Grande in July 2016. In the two weeks preceding the August 5 launch, The LakeGardens Residences’ sales gallery welcomed more than 1,800 groups, during which the developer received 196 cheques as expressions of interest. This resulted in a conversion rate of approximately 36.2%.
The slower sales can be attributed to “buyer fatigue,” which he links to the rapid succession of new home launches in both the Rest of Central Region (RCR) and Outside Central Region (OCR) last month. These launches included the 598-unit Lentor Hills Residences (OCR), the 408-unit The Myst (OCR), the 520-unit Pinetree Hill (RCR), and the 1,008-unit Grand Dunman (RCR). This influx of options has led buyers to take their time assessing and considering the available choices before committing to a purchase.
Other New Launches Coming Up
Next weekend, there are three upcoming project launches, each in a different submarket:
- TMW Maxwell (District 2 – RCR): This project consists of 324 units and is located in District 2. The location is part of the Rest of Central Region (RCR). More details about this project are expected to be revealed during its launch.
- Orchard Sophia (Sophia Road – District 9 – Core Central Region): This development comprises 78 units and is situated in District 9, which falls within the Core Central Region (CCR). The launch of Orchard Sophia is set to take place on Sophia Road.
- The Arden (Phoenix Road – Bukit Batok – OCR): The Arden offers 105 units and is located on Phoenix Road in the Bukit Batok area, part of the Outside Central Region (OCR). The project launch for The Arden is scheduled for next weekend.
These launches mark significant activity in various submarkets of Singapore’s real estate, showcasing different options for potential buyers and investors.
Amidst the dynamic landscape of Singapore’s property sector, LakeGarden Residences remains steadfast in its commitment to delivering a lifestyle of enduring sophistication. The journey towards ownership commences here—a journey characterized by professionalism, foresight, and a promise of a future defined by elegance and refinement.
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