The JCube Shopping Centre is set to close on 7-Jun-2022. If you’re interested in purchasing a condo unit at this upcoming mixed-use development, you’ll want to take advantage of this final opportunity to purchase a new home. Visit the website now to view the former showflat, download the brochure, or watch the video. You can also get more information about the latest floorplan, buyer stamp duty rates, and housing loan regulations.
JCube Shopping Centre
In Jurong East, Singapore, there’s a shopping mall called JCube. It’s open daily from 10am to 10pm. It’s also home to Singapore’s first Olympic-size ice rink and IMAX theatre in the suburbs. It was built on the site of Jurong Entertainment Centre.
The JCube mall’s occupancy rate is declining. It’s the lowest of any of the CMT portfolio properties and has declined from the ninety-five percent occupancy rate a year ago. The mall’s owners are attempting to make it more appealing to residents by positioning it as a centre for sporting activities. They recently added a 24-hour fitness centre to the complex.
Currently, there is a high demand for residential units in Jurong East. It’s expected to sell for more than S$2,000 per sq ft after completion. Currently, the only other ice rink in Singapore is located at the Leisure Park Kallang.
Ice skating rink
As part of a plan to redevelop the Jurong East area, the developer is considering converting the ice skating rink at JCube into a mixed-use development. As one of Singapore’s two ice skating locations, this rink is a landmark for many Singaporeans, and its future is not certain. However, it will certainly affect its community and residents.
The Urban Redevelopment Authority (URA) has approved the proposal to change the land use at JCube. The development plans to combine retail space and residential apartments. The JCube land area is 7,771.2 square meters. It is located just 200m from the Jurong East MRT station.
The plan will also include a new entertainment complex in Jurong East. It will feature an IMAX theatre and the first Olympic-size ice skating rink in the suburbs. JCube is an iconic landmark in Jurong East and is open from 10am to 10pm. It features an ice skating rink and a variety of retail stores and restaurants.
Mixed-use development
A proposed amendment to the Master Plan of the JCube shopping mall has been published on the URA’s website. The proposal would turn the mall into a primarily residential development with commercial spaces on the first storey. Developer CapitaLand Development bought the JCube mall from CapitaLand Integrated Commercial Trust. It plans to convert the site into a residential property with a plot ratio of 4.2 compared to the current plot ratio of 3.0.
JCube has a land area of 7.771 square metres and is owned by the CapitaLand Group. The developers plan to build residential apartments on top of the commercial spaces, as per the plan. The mall is located within Jurong Gateway, which is a prime shopping destination. The mall is owned by CapitaLand and Lenddlease, and opened in 2012.
A recent publication of a masterplan amendment of the JCube shopping mall by the Urban Redevelopment Authority (URA) suggests that the developer has attained in principle approval. The redevelopment project is expected to add residential units and retail space to the mall, just 200 meters from Jurong East MRT station.
CapitaLand’s investment in JCube
CICT recently divested its stake in the JCube mall in Singapore for S$340 million. This divestment follows CICT’s recent increase in asset recycling efforts. The sale of the mall raises questions about how much redevelopment potential the JCube mall offers. The JCube site is best suited for a residential/commercial mixed-use development.
JCube is located within the Jurong Lake District and Jurong Gateway, which is Singapore’s largest business district outside of the CBD. The Urban Redevelopment Authority envisions this region as Singapore’s economic gateway to the west. It is also conveniently connected to existing MRT and bus networks. In addition, the area will soon be home to the Jurong integrated transport hub. This will include community and civic institutions as well as bus interchanges.
The REIT’s investment in JCube is part of its strategy to restructure its portfolio. The divestment is expected to be Marina Gardens Condo completed in the first quarter of 2022. It will generate S$334.7 million in net proceeds. The proceeds will be reinvested in other property investments and will increase CICT’s DPU.
