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SINGAPORE: Jurong is set to be home to the largest commercial hub outside the city centre.
The Jurong Lake District – made up of two precincts, Jurong Gateway and Lakeside – will offer a potential development area of 360 hectares or about the size of Marina Bay.
National Development Minister Mah Bow Tan announced this when he unveiled part of the government's ‘Draft Master Plan Review 2008’. The blueprint will guide Singapore's land use over the next 10 to 15 years.
The Urban Redevelopment Authority (URA) said that some 750,000 square metres of land will be set aside at Jurong Gateway for offices, hotels, food and beverage, and entertainment uses.
Jurong Gateway will be nearly 2.5 times the size of the Tampines Regional Centre and is expected to attract billions of dollars in investment.
Speaking at the annual corporate plan seminar, National Development Minister Mah Bow Tan said decentralisation will be a key planning strategy. This will help bring jobs and recreational options closer to home.
Under the proposed plan, 1,000 new private apartments will also be built at Jurong Gateway.
Mr Mah said: "That is the initial estimate, but some of the sites around there are white sites. If there is more demand, we will certainly be able to reallocate.
"But all this ultimately will have to depend on the market as well - how the market responds and whether the emphasis of more housing or more office. I think we will have to be guided by the market."
Some 2,800 hotel rooms will also be added in the new district in anticipation of more visitors.
And what will get them coming is a slew of nature-themed and edu-tainment attractions, which will spring up at Lakeside. A new world-class Science Centre will also be built next to the Chinese Garden MRT station.
Visitors can also look forward to lush greenery and water-based activities.
Urban planners said there is a lot going for Jurong as investors will be able to tap into a population catchment of over one million residents living in nearby housing estates, as well as leverage on some 3,000 companies already operating in the area.
In addition, the new district will be served by three MRT stations and two major expressways.
Despite the changes home prices here are likely to remain relatively lower than in other areas, at least in the short term.
Some estimate that homeowners will at most see only a ‘marginal’ increase in prices, of up to 10 per cent, in the short term.
They add that with HDB flats in the area costing about 10 to 15 per cent cheaper than in areas like Tampines, there's still some catching up to do.
Chris Koh, Director of Dennis Wee Properties, said: "I won't see prices going up within the next two, three years because this takes time. But by the time the entire thing can be realised, it'll be like 10 to 15 years down the road. And at that point when it matures, I'm pretty sure the prices there will definitely be as high as any other hub, be it in the north or in the east."
As these developments get underway, the Urban Redevelopment Authority said that there will be minimal disruption to residents, as most of the required infrastructure is already in place.
Apart from Jurong, Paya Lebar is also expected to be developed into a sub-regional centre. The URA will release more details in May. - CNA/vm
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