42% of Caspian’s units snapped up
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Singapore’s softening property market has not dampened investors interest with 42 percent or 300 out of 712 units of Frasers Centrepoint Homes development, Caspian, snapped up during the first phase of its launch.
Pent-up demand arising from the Urban Redevelopment Authority´s (URA) plan to transform the area into a bustling Jurong Lake District is the reason why Frasers Centrepoint has decided to proceed with the launch despite the worsening economic crisis.
“We actually met families, met potential buyers and met potential investors and talked to them as to what kind of demand there was. We were pleasantly surprised that in Jurong West, together with the announcement of this Jurong Lake District development, as well as the new CBD in Jurong, there is a pent-up demand,” Frasers Centrepoint Homes´ chief operating officer, Cheang Kok Kheong, says.
In April last year, the government revealed the development blueprint to transform the district into a unique lakeside destination for business and leisure around Jurong Lake and Jurong Gateway as part of its Master Plan 2008.
Under this plan, 2,800 hotel rooms will be introduced at the fringe of Jurong Gateway, next to Lakeside, to meet the increasing demand for hotel rooms.
In addition to being a leisure destination, it has identified the Jurong Lake District as a new growth area outside the city centre - Singapore’s largest commercial hub outside the city centre.
This will result in demand for better quality housing as well as a larger pool of professionals and expats looking to rent.
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