SINGAPORE – City Developments Limited’s (CDL) Jurong condominium project Lucerne Grand sold 61% of its 570 units at its weekend launch, according to the developer.
A total of 350 units were sold as of 6pm on Oct 4 in the project that was priced on average at $2,480 per square foot (psf).
Approximately 93% of the buyers are Singaporeans, while the remaining 7% are permanent residents from countries such as Malaysia, China and India.
Prices at the 99-year Jurong Lakeside project started from $1.5 million for a two-bedroom unit, $2 million for a three-bedroom and $2.8 million for a four-bedroom, which PropNex CEO Kelvin Fong said was “relatively affordable”.
“All unit types were well received, with two-, three- and four-bedroom premium units being the most popular,” said CDL in a news release.
The development has a commercial space on the ground floor and is directly linked to Lakeside MRT, located on the East-West Line.
CDL clinched the plot of land last June for $608 million, or $1,132.08 psf per plot ratio.
The take-up puts Lucerne Grand within range of the five mixed use projects launched in 2026, said Nicholas Mak, chief research officer at Mogul.sg.
The launch-weekend sales of the mixed-use projects ranged from 56.9% at Newport Residences to 98.8% at Tengah Garden Residences, he noted.
Analysts attributed the “healthy” take-up rates partly to the close proximity to the MRT station.
“The location provides residents with excellent accessibility and convenience to one of the most heavily used MRT lines,” said Mak.
He noted that the recently launched Amberwood at Holland, which sold only 11% of 212 units, is about 1.5km or a 20-minute walk to its nearest MRT station.
Justin Quek, deputy group CEO of Realion, noted that buyers were also “enticed” by the provision of retail space within the development, boosting convenience for the residents.
The development’s location near the Jurong Lake District, which is envisioned to become Singapore’s largest business district outside the city centre, also provided a positive long-term backdrop, said PropNex’s Fong.
Sherman Kwek, CDL group CEO, said: “We are encouraged by the healthy response at Lucerne Grand, which reflects homebuyers’ appreciation for its distinctive combination of connectivity, convenience and nature.”
Demand could have been driven by the presence of a broad range of educational institutions, said Mohan Sandrasegeran, head of research and data analytics at SRI.
Mak noted that there are seven primary schools within a 2km radius of the project.
Sandarasegeran also pointed out that the last private residential launch in Jurong West was in 2016.
Mak added that there is a large population of some 598,160 people living in the areas surrounding Lucerne Grand, such as Jurong East, Jurong West, Clementi and Bukit Batok.
“The substantial population forms a large catchment of homebuyers and HDB upgraders,” he said. THE BUSINESS TIMES
