Located near Lakeside Garden, SORA Waterside Residences offered 320 units on a 99-year lease. Despite its prime location boasting lake views and abundant green spaces, buyer caution was evident as only about 23.2% of units were sold during the opening weekend. Units such as one-bedroom plus study layouts were particularly popular, with over 80% of them selling out quickly, while two-bedroom and two-bedroom plus study units comprised the remaining sales.
One of SORA Waterside Residences' unique selling points is its proximity to Lakeside Garden, offering serene lake views and natural surroundings. However, competition from other properties in Jurong, including public housing units with similar lake views, poses a challenge to its waterfront appeal.
Jurong is positioned as Singapore's next Central Business District (CBD), attracting considerable attention to its real estate market. However, achieving this vision requires time and economic support, as many businesses still prefer to remain in the traditional CBD.
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The cautious response from buyers during SORA Waterside Residences' opening reflects intense market competition and fluctuating purchasing intentions. Historically, new projects often sold over 50% of their units in the first weekend, but developers now face the need for more flexible and innovative marketing strategies amid intensified competition and increased buyer choices.
With 85% of buyers being local Singapore residents, 14.4% permanent residents, and foreign buyers making up just 0.6%, additional Buyer's Stamp Duty (ABSD) impacts on foreign buyers have minimal effect in Jurong. The primary challenge remains attracting local and permanent resident buyers' interest.
Over the next six months, Jurong anticipates the launch of up to 20 new residential projects, heightening market competition further. Developers must differentiate themselves through targeted marketing and value-added services to stand out in this competitive landscape.
Despite challenges, Jurong's immense development potential continues to attract developers and investors alike. For buyers, this translates to more options and greater decision-making power, prompting developers to enhance product quality and service standards to meet evolving market demands and buyer expectations.
