CapitaLand Development, the development arm of CapitaLand Group, has obtained provisional permission from the Urban Redevelopment Authority (URA) to redevelop the JCube site into a residential development.
CapitaLand Development had entered into a sale and purchase agreement (SPA) to acquire JCube for $340 million. The transaction was completed in 1Q2022.
The 40-storey development will have commercial space on the first and second storeys and is targeted for completion in 2027.
The development is said to complement the Singapore government’s plans to bring new homes to the Jurong Lake District.
The new development will have direct access to the Jurong East MRT station on the East-West and North-South Lines. The station will also serve the future Jurong Region Line, which will open in phases from 2027.
The new development will also have direct access to Westgate mall and IMM Building via the covered elevated pedestrian network in the Jurong Lake District.
“[The] Jurong Lake District is fast taking shape as Singapore’s model for smart and sustainable living. We are pleased to build on CapitaLand’s extensive presence in the area to contribute our real estate expertise to create yet another exceptional development that supports Jurong Lake District’s transformation,” says Tan Yew Chin, CEO of CapitaLand Development (Singapore).
“Leveraging CapitaLand’s award-winning development capabilities, we are confident of maximising the excellent locational attributes of the site to create quality homes where residents could enjoy the privileges of living in a district where facilities for retail, entertainment, healthcare, education, sports, and fitness are all within easy reach. The development is expected to launch for sale in 2H2023,” he adds.
JCube will cease operations from Aug 7.
