Singapore’s west is undergoing an exciting metamorphosis, and investors would do well to put this region firmly on their radar.
At the 360-hectare Jurong Lake District, there are plans to develop it into Singapore’s largest commercial centre outside the central business district (CBD) – or the second CBD, as the ambition is being fondly referred to. There will be up to 160 hectares of new developable land, and planners envisage the creation of more than 100,000 new jobs and the injection of more than 20,000 new homes, amongst others.
Jurong is no stranger to transformation, having developed from a swamp to an industrial powerhouse and then to a self-contained satellite town over the last five decades. Real estate values have climbed by leaps and bounds, and the area houses one of the country’s priciest condominiums outside the Central Region based on 2018 transactions.
Jurong has what it takes to conquer its next frontier. It is currently supported by a population of more than one million in the west and enjoys easy access to talent from at least five institutions of higher learning – National University of Singapore, Nanyang Technological University, Singapore University of Social Sciences, Singapore Polytechnic and Ngee Ann Polytechnic.
It will enjoy unparalleled connectivity from being served by four MRT lines (the existing East-West and North-South lines, and the upcoming Jurong Region and Cross Island lines) as well as the Kuala Lumpur-Singapore High Speed Rail (HSR) if its construction gets the eventual go-ahead. The HSR terminus is planned to be sited in Jurong.
There are also other development plans in the west from which Jurong can draw synergies to boost its prospects as Singapore’s second CBD.
For example, works to consolidate all five of Singapore’s current container port operations at a new mega port on some 1,400 hectares of land in Tuas have commenced. When completed in 2040, the Tuas port is expected to be the world’s largest container terminal, with a handling capacity of 65 million twenty-foot-equivalent handling units.
Early movers have started to take positions in and around this future hub. For example, less than 3 kilometres away from this upcoming port, the Toll Group recently opened its over one million square feet next generation logistics hub named Toll City. LOGOS is also developing a modern food processing and logistics facility at 21 Tuas West Drive that is scheduled for completion in early-2019.
Another project taking shape in the west is the 600-hectare Jurong Innovation District, envisioned to be home to factories of the future and companies in growth sectors such as advanced manufacturing, urban solutions and smart logistics. It will serve as a living lab for innovations, allowing companies to house their full value chain of activities, from idea generation in the laboratories to prototyping, test-bedding, production and distribution. Over 400 hectares of developable greenfield land is available for the development of factories of the future, and some 100,000 new jobs are expected to be generated when JID is fully completed in about 30 years’ time.
Singapore’s west is indeed positioned for growth with ample investment opportunities.
Key Growth Areas in Western Singapore
Source : ArcGIS, JLL Research
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