Singhaiyi Sells Over 23 Sora Jurong Lake District Average Price 2160 Psf
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for $144 milDeveloper SingHaiyi sells 102 units at Sora, with some deals still in progressBy Team PropertyGuruThe sale of 102 units at Sora over the weekend of July 5-6 marks a 23% take-up rate of the 440-unit condo in Singapore’s Jurong Lake District. The project is being developed by SingHaiyi Group, KSH Holdings, and Ho Lee Group.
The weekend of July 5-6 saw the successful sale of 102 units at Sora, a joint venture development between SingHaiyi Group, KSH Holdings and Ho Lee Group. However, the developer has stated that deals are still being finalized, indicating even more potential sales to come. This initial sale represents approximately 23% of the available 440 units, located on the 99-year leasehold condo on Yuan Ching Road in the booming Jurong Lake District.
According to SingHaiyi, 320 units were released for sale over the weekend, and the most popular units among buyers were the one-bedroom-plus-study units, with over 80% of the available units being eagerly snapped up. The two-bedroom and two-bedroom-plus-study units also saw high demand.
The one-bedroom-plus-study units, measuring 538 square feet, were priced from $996,000, and the two-bedroom units, measuring 646 square feet, were priced over $1.305 million, according to ERA Singapore CEO Marcus Chu.
Huttons Asia CEO Mark Yip commented that nearly 95% of the units sold were within the range of just under $2 million, making it an attractive option for a wide range of buyers. According to CEO of PropNex Ismail Gafoor, the average price of units sold at Sora is approximately $2,160 per square foot.
Prices at Sora are comparable to those at the adjacent project, Lake Garden Residences, which was launched a year ago and contains 306 units. This is according to PropNex CEO Ismail Gafoor, who mentioned that “prices are relatively comparable.” On its first weekend of sales on August 5-6, 2023, about 71 units (23%) at Lake Garden Residences were taken up at an average price of $2,120 psf. To date, Lake Garden Residences has sold 141 units (46%), with prices averaging $2,127 psf as of July 7.
Sora, with its 300-meter frontage along Jurong Lake Gardens, will also benefit from its prime location. SingHaiyi Group CEO Raymond Chia predicts that more than half of the buyers will be under the age of 40, which is a reflection of the exciting developments taking place in Jurong Lake District and the trust in Sora’s potential.
The most recent addition to the Jurong Lake District was the 368-unit J’den. Redeveloped from the former JCube mall, this 99-year leasehold condo sits atop a commercial podium directly linked to the Jurong East MRT Interchange Station and the upcoming Jurong Regional Line. J’den saw an impressive 88% of its units sold on its launch weekend last November at an average price of $2,451 psf. As of now, 91% of the 368 units have been sold at an average price of $2,459 psf based on caveats lodged.
Furthermore, the prices of J Gateway, J’den, and Lake Garden Residences have all climbed past $2,000 per square foot following the launch of the three new projects in Jurong Lake District. A recent transaction for a two-bedroom unit at J Gateway measuring 700 square feet was sold for $1.53 million, setting a new high of $2,187 psf.
According to PropNex CEO Ismail Gafoor, interest in Sora is not limited to residents of the Western region, as only 30% of the buyers are from Jurong and Clementi. He adds that many buyers are drawn to the development’s beautiful views, convenient amenities and facilities, and the appeal of the newly emerging urban hub, the Jurong Lake District.