The Head of Research, JLL Singapore, Tay Huey Ying, announced “(The) absence of changes to market cooling measures was expected as the government has conveyed its concern that premature easing of market cooling measures might lead to a market rebound.”
While there were no property-related measures announced in the recent maiden budget speech of Finance Minister Heng Swee Keat, analyst are thrilled about the Jurong Innovation District’s (JID) future development. Its Phase One is set to commence on 2022.
Tay stated “The development of the JID will see the currently sleepy Jurong West locale transformed into a thriving hub of activity. As the development of the JID takes shape, we can expect demand for real estate ranging from homes, offices, retail, hospitality and industrial to rise, and along with this, a general rise in real estate values in and around the JID.” She also added, “It would also trigger private-sector interest in real estate development and investment, and thus, we can expect to see an increased level of activity in this locality in time to come. Potentially, the Government Land Sales (GLS) programme might soon start to incorporate land parcels in and around the JID to kick-start the transformation.”