Analysts: Jurong Lake District’s success as next Singapore CBD depends on ability to convince businesses to relocate – Medical Marijuana Program Connection

SINGAPORE, June 24 — Whether or not the Jurong Lake District can be successfully redeveloped into a vibrant, second central business district (CBD) would hinge on businesses’ willingness to move there, given its distance from the main commercial centre, said real estate analysts.

This, in turn, would depend on the attractiveness of the rent there, as well as the ability of developers to play to the existing strengths of the area, such as its ready catchment of residents and talent pool, among other factors.

Industry experts were sharing their views with TODAY after the Urban Redevelopment Authority (URA) on Thursday (June 22) launched a master developer site next to Jurong East measuring 6.5 hectares.

Located within the wider Jurong Lake District — long envisioned to be the largest business district outside the CBD — the site is the second of such sites to be launched under the master developer approach after the Marina Bay Financial Centre (MBFC), and about twice its size.

Analysts spoke to TODAY about what it would take to realise the vision of making Jurong Singapore’s next commercial centre.

Relocation required

Senior director for research at Huttons Group Lee Sze Teck said: “In all decentralisation projects, the question is always which companies will relocate.”

This is a considerable challenge given that there would be about 146,000 sqm of office space — almost half of the space at MBFC — to fill up when the newly launched site is developed in 10 to 15…