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News Release

Singapore

JLL News Flash | URA unveils draft master plan for Jurong Lake District


​Ms Tay Huey Ying, Head of Research and Consultancy, Singapore

郑惠匀, 研究与咨询部主管 (新加坡)


The Urban Redevelopment Authority (URA) unveiled the draft master plan for Jurong Lake District (JLD), which comprises the following key strategies :


•           A vibrant, lively CBD, with adaptable spaces for the future economy

•           Green and blue places and spaces for people

•           A car-lite, commuter-centric JLD

•           Sustainable district-level systems


JLD has the makings of a vibrant live-work-play district.  The stigma associated with the locality as a polluted industrial area has long faded as evidenced by the high private home prices achieved and the buzz created by the commercial developments found in the district. The existing parks and lakes provide the district with a ready physical fabric for that “play” element. Its future connectedness via the High Speed Terminus (HSR) and being served by four MRT lines (including the future Jurong Region Line and the Cross Island Line) gives it an unparalleled advantage over other regional centres in attracting businesses to set up operations in the district.   


That said, most businesses still need that financial push to locate outside the CBD.  Drawing from Hong Kong’s experience, a rental gap of at least 60% between the CBD and outside CBD Grade A rents would be necessary to motivate businesses to consider an outside CBD outfit (either partially or wholly).  One way to reach this gap from the 34% as of end-2016 would be for Singapore to moderate the increase in the supply of Grade A office space in the CBD while at the same time, ramping up the supply outside the CBD. 


In this regard, given Singapore’s small economy and the lack of hinterland to leverage on for demand of office space, it would be desirable to concentrate efforts in developing a few as opposed to many growth areas at a time. This approach will facilitate the building of a critical mass of supporting businesses and amenities, as well as live-in population – all of which are important locational criteria for businesses. The successful development of the Tampines Regional Centre can be attributed largely to this targeted approach which the URA adopted in the 1990’s.

  

Hence, plans on a wider national level have implications on the success of JLD, and should be well co-ordinated.