[New Project] Developer SingHaiyi previews new Jurong East condo Sora, with prices starting from $1,850 psf

Sora, a new 440-unit residential development in Jurong Lake District, will open for preview on 22 June, followed by its official launch two weeks later on 6 July. This marks the next major suburban condominium launch following Lentor Mansion, which has sold 81% of its units since mid-March.

Developed by a consortium led by SingHaiyi, prices for Sora start from $1,850 psf. A one-bedroom-plus-study unit spanning 538 sq ft starts just below $1 million.

The developers noted that after conducting extensive research on other developments in the area, they believe the launch pricing will be highly competitive compared to surrounding projects.

Sora is the third 99-year leasehold residential project to be launched in Jurong Lake District, following the debut of the neighbouring 306-unit The LakeGarden Residences by Wing Tai Holdings last August, and the 368-unit J'den by CapitaLand Development Singapore in November.

The LakeGarden Residences is 39% sold at an average price of $2,134 psf. Meanwhile, J'den at Jurong East Central has sold over 90% of its units at an average price of $2,459 psf.

Pricing Flexibility

Sora is also set to be the largest among the three projects launched in Jurong Lake District.

A redevelopment of the former Park View Mansion, Sora occupies a 191,974 sq ft 99-year leasehold site.

SingHaiyi and its joint-venture partners, KSH Holdings and Ho Lee Group, acquired the plot in July 2022 for $260 million. SingHaiyi holds a 70% stake in the joint venture, while KSH and Ho Lee hold the remaining 30%.

The land cost for Park View Mansion stood at $1,023 psf per plot ratio, which is 18.2% lower than that of the adjacent The LakeGarden Residences. This affords Sora greater flexibility in its pricing strategy.

Nevertheless, the developers anticipate an average selling price of around $2,180 psf for Sora.

Jurong Lake Gardens Frontage and Views

The development boasts 300 metres of frontage along Jurong Lake Gardens. Thanks to the orientation of the blocks, approximately 80% of the units will enjoy park views.

The project's architect highlighted that very few condominiums in Singapore offer views directly adjacent to a park. Sora's distinct advantage lies in having Jurong Lake Gardens right at its doorstep.

Spanning 90 hectares, Jurong Lake Gardens is Singapore's second-largest national garden, behind the Singapore Botanic Gardens (101 hectares) and ahead of Gardens by the Bay (82 hectares).

With only three land parcels directly bordering Jurong Lake Gardens, the supply of such homes is limited. Owning a home with a national garden right outside is a rare opportunity.

Sora comprises four residential blocks: two 12-storey blocks and a pair of 20-storey towers. Each pair is connected at the roof to form a "tiered sky garden". Spanning 77,500 sq ft, this sky garden concept was inspired by the sunset vistas from a tiered rooftop garden at a Bangkok hotel.

The residential blocks occupy just 30% of the site footprint, leaving the remaining 70% dedicated to landscaping and over 60 resident facilities.

Connectivity and Accessibility

Sora features four side gates for convenient resident access, two of which lead directly into Jurong Lake Gardens.

Regarded as Singapore's first suburban national garden, Jurong Lake Gardens brings together three areas: Lakeside Garden (Jurong Lake Gardens West, formerly Jurong Lake Park), Chinese and Japanese Gardens (Jurong Lake Gardens Central), and Garden Promenade (Jurong Lake Gardens East).

The revitalisation of Lakeside Garden was completed last year, while the revamped Chinese and Japanese Gardens are slated to reopen later this year. The new Singapore Science Centre, also situated at Jurong Lake Gardens, is set to open in 2027.

When Sora attains its Temporary Occupation Permit (TOP) in 2028, it will be seamlessly connected to the Japanese Garden, where a cycling path runs through the park towards the Jurong East MRT interchange station, serving the East-West, North-South, and upcoming Jurong Region Lines. 

A scenic bicycle ride through the gardens brings residents to Lakeside and Chinese Garden MRT stations in under 10 minutes.

Ongoing infrastructure enhancements across Jurong Lake District, alongside the future development of the Jurong Innovation District, could also bring additional bus services to facilitate daily commutes.

Wide Variety of Unit Layouts

Sora offers a diverse mix of layouts, ranging from a 538 sq ft one-bedroom-plus-study to a 1,938 sq ft five-bedroom unit.

The majority (84%) are two- and three-bedroom units across various configurations and sizes. Two-bedroom units range from 646 to 915 sq ft, while three-bedroom units span 936 to 1,410 sq ft.

At J’den and The LakeGarden Residences, roughly half of the sold units were transacted between $1.5 million and $2.5 million, with one-, two-, and three-bedroom apartments proving most popular among buyers.

With Sora's upcoming launch, buyers who missed out on suitable units in the earlier two projects may find an ideal fit here, particularly those seeking smaller unit configurations.

Some prospective homebuyers scouting for a new property in the Jurong East area may hold off until Sora launches before deciding which project to purchase.

Market interest has returned to Jurong Lake District following the launch of the 6.5-hectare Master Developer White Site at Jurong East. The two bids submitted at the tender close in March both came from a sole consortium comprising five prominent developers: CapitaLand Development Singapore, City Developments Limited, and Frasers Property, alongside Japan's Mitsubishi Estate and Mitsui Fudosan (Asia).

More 2H2024 OCR Launches Poised to Boost Sales

Following Sora's debut, other Outside Central Region (OCR) projects are in the pipeline, including the 276-unit freehold project Kassia at Flora Drive in the East, the 916-unit The Chuan Park at Lorong Chuan, and the 348-unit Norwood Grand.

These developments will provide buyers with a wider selection of homes, and we could see new home sales in the OCR pick up in the coming months.

Over the past three months, new home sales have remained relatively subdued due to a limited supply of major launches. Many new projects introduced earlier this year were boutique developments, which offered buyers fewer choices in terms of unit variety.

Given their greater affordability compared to the Rest of Central Region (RCR) and Core Central Region (CCR), new OCR launches are set to draw strong interest from genuine owner-occupiers and HDB upgraders.

Amid an uncertain economic climate, homebuyers have become more prudent and price-sensitive. A significant portion of buyers looking in the OCR are working with a budget of around $2 million. Should they find a home that meets their preferences within that budget, they remain ready to commit despite broader macroeconomic uncertainties.