The LakeGarden Residences sells 70 units on launch day
It has set a benchmark pricing for new homes in Jurong.
According to marketing agencies for The LakeGarden Residences by Wing Tai, the 306-unit condominium adjacent to Jurong Lake Gardens has already sold 70 units, representing 22.88 per cent of the total, as of 6 August 2023, 4 pm.
It is one of the prominent new launch condos to debut in 2023.
Market watchers mentioned that The LakeGarden Residences’ sales performance is quite impressive, considering the competitive market and pricing challenges in the Jurong area.
In addition, the fact that it has already sold 70 units (22.88% of the total) indicates a strong demand from buyers who see value in this development.
Analysts noted that the new benchmark pricing in Jurong has tested the affordability threshold of buyers.
The average selling price of $2,000 to $2,100 psf seems to have struck the right balance between affordability and the luxurious lifestyle that this project promises.
It’s believed that the developer has been savvy in pricing the units, making them appealing to a wide range of potential buyers, including both first-time homeowners and savvy investors looking for long-term growth potential.
Comparing it to other developments in the area, The Botany at Dairy Farm, a project by Sim Lian Group City, was launched earlier in the year, with units sold at an average of $2,076 psf over the last six months.
Similarly, The Myst, developed by City Developments Ltd (CDL), was launched just two weeks before The LakeGarden Residences and has sold units with prices averaging at $2,060 psf, based on caveats lodged.
One analyst said that there is a sense of palpable excitement around The LakeGarden Residences.
The pent-up demand from buyers and investors showcases the confidence in Jurong’s growth potential and the positive outlook for this thriving district.
If the current trend continues, The LakeGarden Residences will continue to attract buyers who are eager to seize the opportunity to own a piece of this promising development in the heart of Jurong’s transformation.