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Property prices in Jurong unlikely to rise significantly: Propnex

Despite the redevelopment plans for Jurong announced at the National Day Rally, cooling measures mean home prices are unlikely to go up by too much, said the real estate agency. 

SINGAPORE: With cooling measures still in place, home prices in Jurong are unlikely to increase significantly, a property watcher said. This is despite the redevelopment plans for the area, which were announced at Sunday's (Aug 17) National Day Rally.

Real estate agency PropNex says prices of HDB resale flats in Jurong have gone up by 70 per cent in the last seven years. There has also been a rise for the private residential market - private homes in Jurong used to cost about S$700 per square foot, but are now at S$1,200.

Looking ahead, the agency said new private homes there are expected to be priced competitively, and there is still pent-up demand for private homes as there have only been a few major projects in Jurong over the past two years.

But PropNex Key Executive Officer Lim Yong Hock said prices may not go too high. "Developers would also be concerned about the impact of the cooling measures. The buyers may not be able to afford if it is too high."

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