This, in turn, would depend on the attractiveness of the rent there, as well as the ability of developers to play to the existing strengths of the area, such as its ready catchment of residents and talent pool, among other factors.
This is a considerable challenge given that there would be about 146,000 sqm of office space — almost half of the space at MBFC — to fill up when the newly launched site is developed in 10 to 15 years. Nonetheless, Ms Tay Huey Ying, head of research and consultancy at investment management company JLL, is confident that the district will be successful in the long term.Although located much further away from the heart of commerce compared to MBFC — the first site launched under the master developer approach — there are factors that can make Jurong potentially as vibrant as the former, said the experts.
These include the current and upcoming commercial spaces, the existing residential areas, the proximity to six institutes of higher learning and the various attractions there such as the Jurong Lake Garden, among others.The 6.5ha of land put up for sale on Thursday is part of a 120ha new precinct to be developed within the Jurong Lake District. This wider area encompasses the site where the train terminal for the now-scrapped High-Speed Rail was supposed to be located.
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