Chief Editor July 07 2024

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Sora at Jurong Lake By SingHaiyi Sees Modest Sales At Launch Weekend

Jurong Lake District's newest residential development, Sora, experienced a notable yet measured launch weekend. As of 6 pm on Sunday, July 7, Sora sold 102 units, which accounts for 23.2% of its total offerings. The average selling price was S$2,160 per square foot (psf), according to property developers SingHaiyi and TK 189 Development.

During the weekend, 320 of the 440 total units in the 99-year leasehold project were released for sale. Among the available units, over 80% of the one-bedroom units with a study were sold. The majority of the remaining sold units were two-bedroom units or two-bedders with a study.

The sales result was comparable to the launch of Wing Tai's The LakeGarden Residences, which sold 71 units, or 23% of its total 306 units, during its launch weekend in August last year. Units at this 99-year leasehold project were transacted at an average selling price of S$2,120 psf. To-date The LakeGarden Residences has sold less than 50% of its total units. Check LakeGarden Residences sales transactions.

Targeting Younger Buyers

Raymond Chia, CEO of SingHaiyi, highlighted that more than half of the buyers are below 40 years old. He added, "A home like this – in the heart of the dynamic Jurong Lake District – especially at this price point, was very well-received by the market."

Popular Unit Types and Pricing

The one-bedders with a study and two-bedroom units at Sora were particularly popular among property investors and home owners.

Market Saturation and Buyer Hesitancy

JT Chia, Managing Director of Propertyforsale, mentioned, "Affordability and quantum are keywords in today's property market. Majority of the units sold were below S$2 million."

Chia pointed out that with more than 15 residential new launch projects to be unveiled in the next six months and a considerable number of unsold inventory for existing projects, buyers are not rushing to purchase a unit.   

Condominium Details

Sora occupies a site area of 191,974 sq ft, with a gross plot ratio of 2.1. The site was secured with a S$260 million bid at a collective sale tender in July 2022, at a land rate of S$1,023 psf per plot ratio. The development predominantly comprises two- and three-bedroom units, starting at 646 sq ft and 936 sq ft, respectively. It also includes one-bedders with a study, ranging from 538 sq ft to 689 sq ft. The four-bedroom units start from 1,528 sq ft, while five-bedders begin at 1,679 sq ft, with larger units featuring a private lift.

VIP Previews for Sora began on June 22. Its showflat gallery on Prinsep Street will be closed from July 8 to 12 and will reopen for viewing from July 13.

Click here to contact us and register for Sora VIP preview. You will be eligible to receive shopping vouchers.

Sora Amidst Other Jurong Developments

The LakeGarden Residences occupies 134,176 sq ft and has 306 units, while CapitaLand Development's mixed-use development J’den, located on an 83,648.5 sq ft site, sold 88% of its 368 residential units at an average selling price of S$2,451 psf during its launch on November 11 last year. URA caveats data showed that J’den has sold a total of 334 units, or 90.8%, as of end-June. Check J'den sales transactions.

As Sora continues to attract attention in the dynamic Jurong Lake District, its performance and the reception of future launches will be closely watched by both developers and potential buyers.