CapitaLand Development (CLD), the development arm of CapitaLand Group, has acquired JCube from CapitaLand Integrated Commercial Trust at a price of S$340 million on 24 January 2022. The Urban Redevelopment Authority (URA) has granted preliminary permission to redevelop JCube into a 40-storey residential apartments with commercial spaces on the first and second floors.

This mixed development is part of the Singapore government's initiative to develop the Jurong Lake District (JLD) that revolves around four key themes: a hub for the future economy, a new paradigm of mobility, a smart and sustainable district, and a district of gardens and water.

Once completed, Jurong Lake District will be one of the largest business districts outside the city centre, approximately 2.5 times the size of the Tampines Regional Centre. The project is expected to generate 100,000 new job opportunities and add 20,000 new homes to the region, making it a prime location for residents and businesses alike.

JCube's Closure and Impact on the Skating Community

The news on the impending closure of JCube on 6 August 2023 has upset ice-skating athletes who train at The Rink, Singapore's only Olympic-size ice skating rink which is located on level 3 of JCube.

The Rink has been a hub for public performances and has collaborated with esteemed organisations like Island Ice Figure Skating Club and Singapore Ice Skating Association. The facility has also played host to several competitive skating events, including the first SEA Open Figure Skating Trophy held in September 2022.

JCube shopping mall will be officially closed on 6 August 2023 at 10pm.

Jurong Innovation District (JID) and Connectivity

The addition of the Jurong Innovation District (JID) will establish Singapore as a leader in Industry 4.0, housing a manufacturing ecosystem of R&D centres, technology partners, training providers, and Factories of the Future.

The new Jcube project will also have excellent connectivity, with links to the Jurong East MRT interchange on the North-South and East-West Lines, the upcoming Jurong Regional Line in 2027, and the Cross Island Line in 2030.

It will also be connected to Westgate and IMM Building via J-Walk, a covered elevated pedestrian network in the Jurong Lake District.

JCube will be linked to the upcoming Jurong East Integrated Transport Hub which offers an air-conditioned bus interchange, public library, community club and sports centre.

The location can be accessed by Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE).

Potential Long-Term Investment Opportunity

This mixed residential development at JCube presents a potential long-term investment opportunity, as the area is expected to undergo significant infrastructural improvements and development, which can increase the value of the properties in the area over time.

Property analysts estimated that Capitaland will be selling the new launch project at S$2,000 to S$2,100 per square foot (per sq foot) for the apartments at JCube to meet the high demand given the lack of new condominium launches at Jurong in recent years.

The launch of the JCube apartments is expected in the second half of 2023, with completion expected in 2027.