If you’ve been keeping up with the many high profile HDB transactions in 2022, you’ll probably be familiar with how so many estates have joined the million-dollar club. It’s almost to the point where it wouldn’t be wrong to think that every estate has had at least one million-dollar flat sale. And while we haven’t reached that reality yet, we’re surely well on our way there.
Just a couple of days ago, it was Jurong East’s turn to finally join the million-dollar club with an Executive Maisonette clocking in at a price of $1M. Here’s everything you need to know about the resale transaction, our take on some of the possible factors that could have led to its price tag, and what it might mean for flat prices in Jurong East moving forward.
Jurong East Executive Maisonette sold for $1M
Image adapted from: HDB
According to sales data, the $1M flat in question is an Executive Maisonette (EM) located at Blk 287D Jurong East St 21, a flat type that has been highly coveted in 2022 for its large square footage.
The unit has a remaining lease of just over 74 years, which makes it considerably older than other flats in the resale market, but certainly in-line with – or slightly “younger” than – other maisonettes that have made been sold for over a million dollars in the past. After all, you have to bear in mind that they were built between 1983-2000, and so would minimally have under 76 years of remaining lease left.
Image adapted from: Google Maps
At 145sqm (1,560sqft), this Blk 287D flat is considered to be on the smaller side of EMs here in Singapore. For perspective, in the same month, there were 3 other EMs in Jurong East that were sold, with the smallest being 142sqm/1,528sqft ($850K) and the largest being 156sqm/1,679sqft ($650K).
This shows us that there is still quite a price discrepancy for EMs in Jurong East based on the floor of the unit and the length of the remaining lease. For the unit in question, it also seems plausible that other factors might have come into play such as how well-renovated the unit was.
Image adapted from: HDB
However, it is still a decent-sized flat, and certainly larger than the ‘normal’ HDBs that you can find in the market. Naturally, this luxury of space is a factor that adds to the price tag of the flat, and is also made more appealing given the short supply of jumbo flats like 2-floor maisonettes in the resale market.
Existing amenities and future transformation of Jurong East
Every time you think of Jurong, you’d probably associate it with being ulu, with nothing much to offer other than industrial estates and SAF camps. The ‘West Side Best Side’ gang will of course fervently disagree, and there are indeed merits to their claims.
While the Jurong West side may still be a little more sparse in terms of amenities, Jurong East on the other hand is where the life of the party is at!
Image credit: Sygic Travel
Let’s look at the main focal point of the area: Jurong East MRT station. In its immediate vicinity, you have 4 shopping malls – JEM, JCube, Westgate, and IMM – in close proximity to one another, and so you can easily shop to your heart’s content across a wide variety of shops and outlets. Of course, this also means an abundance of food options for every occasion and cuisine.
Other than that, you also have Ng Teng Fong General Hospital right next to Jurong East MRT, making it quite centrally located in case of medical emergencies or just appointments in general. Admittedly, there aren’t a lot of school choices in the area, with the closest being Yuhua Primary School which is about a 20-minute commute away from Jurong East MRT, so that might be a factor to consider for young families.
Connectivity-wise, Jurong East more or less serves as the gateway to wherever you need to go. For public transport, you have the Jurong East Bus Interchange which offers approximately 18 different bus services plying various routes to places around Singapore, along with the existing MRT station that sits on the North-South and East-West lines.
Image credit: Land Transport Guru
Come 2027, there will also be a new rail line – the Jurong Region Line – that will connect Western Singapore together to allow for more accessibility and travel options. And later on in 2035, there will also be a new Jurong East Integrated Transport Hub that will offer seamless commuting experience and adding more vibrancy to the area.
For drivers, Jurong East is quite conveniently located right next to the main PIE and AYE expressways to connect you to other areas around Singapore. However, based on our first-hand experience, this also means that there can be a fair amount of traffic in the Jurong East area especially during the early-morning and evening rush hours, so you’ll have to brace yourself for that.
What else is in the pipeline for Jurong East? According to the Urban Redevelopment Authority’s Draft Master Plan for Jurong East, West-siders can expect more quality homes, recreational spaces and community facilities, as part of the broader development plan for the Jurong Lake District. It all looks very exciting for Jurong East, and we can’t wait to see what it’ll look like in the future.
And in the case of Block 287D, all this is just a simple 10-minute walk away.
Singapore to see more million-dollar HDB flats in the West
With all the exciting plans lined up for the Western region of Singapore, you can expect that over the next few years, we’ll see a gradual transformation and rejuvenation of the Jurong estate from an area previously known for its industrial estates to a vibrant and bustling district that integrates both work and play for its residents.
Now that Jurong East has finally crowned its first entrant to the million-dollar club, we can expect more of such similar flats to eventually make its place into the list, paving the way for more expensive resale HDBs in the future.
Check out other million-dollar flats here:
- Potong Pasir HDB executive maisonette sells for $1.05M
- Bedok Reservoir executive flat surpasses the million-dollar mark
- Rare multi-gen Yishun flat sells for over $1M
Cover adapted from: Google Maps