Over the weekend of July 5-6, developer SingHaiyi Group and its joint venture partners KSH Holdings and Ho Lee Group achieved significant sales at Sora, moving 102 units. While initial sales were impressive, deals continue to be made, according to the developer. This initial burst represents about 23% of the 440-unit, 99-year leasehold condominium at Yuan Ching Road in Jurong Lake District.
During the launch, SingHaiyi made 320 units available. One-bedroom-plus-study units were particularly popular, with over 80% of these snapped up. Additionally, the two-bedroom and two-bedroom-plus-study units saw high demand.
The one-bedroom-plus-study units, each covering 538 square feet, started at $996,000, while the two-bedroom units, each spanning 646 square feet, began at prices exceeding $1.305 million, as stated by Marcus Chu, CEO of ERA Singapore.
Mark Yip, CEO of Huttons Asia, noted that nearly 95% of the units sold fell under the $2 million mark. The starting price per square foot (psf) was $1,850, but the average price at Sora hovered around $2,160 psf. PropNex CEO Ismail Gafoor commented that these prices are comparable to those of the neighbouring 306-unit Lake Garden Residences, which launched a year prior.
On its initial sales weekend, August 5-6, 2023, The LakeGarden Residences sold approximately 71 units, representing 23% of the development, at an average price of $2,120 psf. Since Sora's launch, The LakeGarden Residences has seen a total of 141 units (46%) sold, with an average price of $2,127 psf as of July 7.
Both Sora and The LakeGarden Residences boast prime locations fronting the expansive 90-hectare Jurong Lake Gardens, though Sora features a notable 300-meter frontage. Raymond Chia, Group CEO of SingHaiyi, highlighted that more than half of Sora's buyers are under 40, reflecting the rejuvenation of Jurong Lake District and confidence in Sora's future.
Another significant project in the Jurong Lake District is the 368-unit J'den, a redevelopment of the former JCube mall. This 99-year leasehold condominium, directly linked to the Jurong East MRT Interchange Station, saw 88% of its units sold on its launch weekend last November at an average price of $2,451 psf. The project is now 91% sold, with the average price slightly increasing to $2,459 psf.
Before J'den, the last major condo launch in Jurong Gateway was the 738-unit J Gateway in July 2013. Almost all units were sold within the first month at an average price of $1,467 psf. J Gateway's resale prices have since surged past $2,000 psf, spurred by the new projects in the Jurong Lake District. A notable transaction involved a 700-square-foot, two-bedroom unit at J Gateway, which sold for $1.53 million, setting a new high of $2,187 psf.
Gafoor of PropNex observed that interest in Sora extended beyond local residents. "Only 30% of the buyers are from Jurong and Clementi," he said. "Many buyers were drawn by the development's spectacular views, amenities, and the allure of the emerging urban hub, the Jurong Lake District."