SingHaiyi Group, along with its joint venture partners KSH Holdings and Ho Lee Group, successfully sold 102 units at Sora during the weekend of July 5-6. However, the developer has indicated that there are still ongoing deals taking place. The sales represent approximately 23% of the total units in the 99-year leasehold condominium located on Yuan Ching Road in Jurong Lake District.
SingHaiyi reported that 320 units were launched over the weekend. The one-bedroom-plus-study units were incredibly popular, with over 80% of the units released quickly sold. Buyers showed a strong interest in the two-bedroom and two-bedroom-plus-study units.
According to Marcus Chu of ERA, the one-bedroom-plus-study units measuring 538 sq ft were priced at $996,000, while the two-bedroom units measuring 646 sq ft were priced over $1.305 million.
As an expert in real estate analysis, it is worth noting that the initial price per square foot at Sora was $1,850. However, the average price of units that have been sold is approximately $2,160 per square foot. According to Ismail Gafoor, CEO of PropNex, prices are similar to the adjacent project, the 306-unit Lake Garden Residences, launched a year ago.
During its initial weekend of sales on August 5-6, 2023, approximately 71 units (23% of the total) were sold at The LakeGarden Residences, with an average price of $2,120 per square foot. The LakeGarden Residences has also seen positive results from Sora’s market debut. As of July 7, a total of 141 units have been sold, accounting for 46% of the total. The average price per square foot for these units is $2,127.
Sora and The LakeGardens Residences are situated in close proximity to the expansive Jurong Lake Gardens, with Sora offering an impressive 300m frontage. According to Raymond Chia, the group CEO of SingHaiyi, a significant number of buyers are under the age of 40. This indicates the ongoing revitalization in Jurong Lake District and the strong belief in the significance and potential of Sora.
A new development called J’den, consisting of 368 units, was recently launched in the Jurong Lake District. The former JCube mall has been redeveloped into a 99-year leasehold condo. This residential property is conveniently located on a commercial podium that is directly linked to the Jurong East MRT Interchange Station, providing easy access to the East-West and North-South Lines as well as the upcoming Jurong Regional Line. J’den experienced a remarkable sales performance during its launch weekend last November, with an impressive 88% of its 368 units being sold. These units were sold at an average price of $2,451 per square foot. According to the caveats lodged, the project has achieved an impressive 91% sales rate, with an average price of $2,459 per square foot.
Prior to J’den, the most recent private condo launch in Jurong Gateway occurred in July 2013 with the introduction of the 738-unit J Gateway. The units were quickly sold out within the first month of its launch, with an average price of $1,467 per square foot over ten years ago. The resale prices of J Gateway have surpassed $2,000 psf after the introduction of three new projects in JLD. A 700 sq ft, two-bedroom unit at J Gateway was recently sold for $1.53 million, according to a caveat lodged in June. This sale has set a new record price of $2,187 per square foot.
Gafoor from PropNex mentions that there was interest in Sora from people outside of the Western region. Just 30% of the buyers come from Jurong and Clementi,” he adds. “The development’s breathtaking views, top-notch amenities, and state-of-the-art facilities captivated numerous buyers, who were also drawn to the allure of the emerging urban hub, the Jurong Lake District.”
