The progress prospects over Jurong’s development market seems to decrease right after the released statement of the present prime minister Of Malaysia, Dr Mahahthir Mohamad , May 28, Monday, which goes like this, “Final decision” was set to throw the High-Speed Rail of Singapore Kuala Lumpur-Singapore HSR or High-Speed Rail project.
The two countries in the past documented a bilateral treaty in 2016 that covers the 350 Km powerful super big project, along with the competitive Jurong East reserved as the target area for Singapore terminus. The High-Speed Rail was then expected to lower the travel time going to Kuala Lumpur and heading back to Singapore and targeted time is only 90 minutes.
But recent Malaysian government has a different plan for the said project. He wanted to abort the project and Dr Mahathir explained such project spent around S$37 billion or RM110 billion but despite the horrible debt is over S$337.9 billion or RM1 trillion aggravated by that controversial 1MDB corruption infamy.
The decision greatly affects the Singapore’s power-hungry plan solely for the future of Jurong community. The following are the reason why:
Influence on property prices
Establishing new terminus around Jurong was foreseen to boost property market prices within the vicinity. Prices are expected to increase abruptly after the announcement, the specialist revealed to the Todayonline.
“Those investors who acquired property in Jurong for sake of future investment would only be frustrated as yeard their investment would likely earn a revenue only after several years,” said the CEO of IPA or International property Advisor, Ku Swee Yong.
Building HSR was supposedly scheduled at the end part of the year, along with its initial trains operating by 2026.
But Nicholas Mak, the executive director of ZACD, opposed that the condition of Jurong’s area’s market is not dependent on HSR and one reason is that the upcoming development,”Jurong Lake District ” is classified as Singapore’s second world-class Central Business District.
” Jurong has its own unique attractions like the highly advance MRT interchange, food centre, shopping hub, business park that offers new job opportunities plus a lot more, all are being enjoyed by everyone less HSR presence,” he told.
Effects over commercial activity, intriguing land bids
For those who are involved in commercial homes or other properties or owns a shop in Jurong are recommended to investigate the bulk of Malaysian workers and visitors, grabbing the chance while scrapping of HSR going on.
Ku, further added, “There are few who made micro retail units an investment and banking during day trippers straight from Malaysia to enhance increase of sales would rather lower down their expectations as quickly as possible.”
While the experts agree that propositions for commercial and residential development project around the area have the tendency to be changed because these were coined congruent to HSR plans, it will lead them to think that real estate developers are flexible and can easily adjust a conservative strategy upon bidding some properties.
“Developers will be more meticulous and less aggressive in dropping their bids onwards.”, explained Ku.
The director of Chris Koh Internationa, Chris Koh reiterated that real estate developers should no longer purchase from the HSR. ” If I am in their shoe’s referring property developers, I won’t be banking over property market instead I would disposed of other properties of Jurong like the Jurong Lake District and other luxurious facilities in the region.
Some wasted opportunities
The project of HSR was foreseen to generate more or less S$6.7 billion or RM21 billion and 111,000 jobs in both economies of two countries.
” This surely would be a fatal disappointment as reducing connectivity and transport costs yield an increase in manpower talent and boost trade,” says, Chua Hak Bin, the Maybank senior economist.
As much as transport experts claimed that HSR was another good investment because it will help you save time in travelling from Singapore to Kuala Lumpur vice versa, it’s scraping would have less weight over Singapore’s very own railway network.
Walter Theseira, a transport specialist of Singapore University of Social Sciences said, ” The project actually is not for stretching travel capacity for the two competing capitals but it was more on offering a better travel choice than the regular road and air.”
He further added, ” I am just not sure if all the rail project such as Jurong Region Line will be involved because often our MRT plans are not tailored to be dependent on HSR.”
