News

Given the attractiveness of Sora’s launch pricing in the wider context of the property market in 2024, let’s now take a closer look at how this really matches up with new launch competition, as well as surrounding resale condos.  (If you’d like to read more about Sora, you can see our full review ).  Before I delve into the developments, let’s talk about the cost of purchasing the land. Sora is the new development from the previous Park View Mansions, which went en bloc for $260 million. This translates to $1,023 psf ppr. The LakeGarden Residences, which is just next door will replace Lakeside Apartments which went en bloc for $273.89 million. This translates to $1,077 psf ppr. Going solely by the cost to purchase the land, Sora is no doubt in a better position compared to its next-door competitor as this gives them the ability to be more flexible with pricing. After all, its starting price of $1,850 psf is $30 lower than the $1,880 psf at The LakeGarden Residences (that went to a 678 sq ft 2-bedroom unit on level 1). Here’s a look at the transacted prices in terms of $psf so far: I’ve put J’den in here as it acts as an upper ceiling to how much the prices of condos in this area could go for. J’den is an mixed-use development which naturally commands a higher price, so it makes no sense for further-out condos like Sora to be priced near J’den. Since the indicative price $PSF for the 1 – 4 bedroom units has been announced, I’ll use this to compare with units at The LakeGarden Residences. Let’s first look at the 1-bedroom + study at Sora. There are only 36 units here (just 8% of the entire unit mix), and like The LakeGarden Residences, there’s no question that these would move the fastest (particularly with how it has been priced). The area is also attractive to HDB upgraders who likely need at least a 2-bedder, so this unit mix is sensible. It’s the same with The LakeGarden Residences where 1-bedders make up a similar proportion of the entire development (7.5%). Now let’s do a side-by-side comparison of both 1-bedroom + study units: Clearly if we go by price alone, Sora is the winner here. It’s a 1+study which is more functional than the cheapest 1 bedder sold at The LakeGarden Residences. It’s bigger and close to $300 cheaper on a $PSF basis. Of course, this isn’t a fair comparison since the cheapest at The LakeGarden Residences isn’t a 1 + study, so let’s look at the next biggest 1-bedder: The biggest difference between both layouts is the location of the study. There’s no right or wrong here – merely preferences. Those who prefer a separate study room would undoubtedly prefer The LakeGarden Residences. However, I can see some appeal in having the study within the master bedroom. Why? Because this means a much larger master bedroom. As there is no non-study variant, those who aren’t interested in the study can enjoy a much more spacious master bedroom that you can configure to your liking. Still, I believe the majority would prefer a separate study. People like compartmentalising spaces to serve different purposes, so having a separate room creates greater flexibility as it could also serve as a store or even a small guest room – something that a study in a master cannot be. Something else to note is the initial impression of the unit upon entering. Sora’s 1+study has a shorter pathway to the dining, but it does open up to a wider space which gives the impression that it’s bigger. On the other hand, The LakeGarden Residences has a longer pathway in which opens up to the living room that’s bounded by the master bedroom. This gives the impression that the space is smaller. Another difference is the accessibility of the balcony. Again, this is down to preference. But I believe that having a balcony connected to the living area is less awkward for those who have guests. Inviting guests over to the balcony to relax is not as fun if they have to squeeze past the foot your bed to get there. The last difference is the bathroom ventilation. The LakeGarden Residences has a window that allows for natural ventilation. Unfortunately, Sora’s master bathroom does not come with that. Overall, both layouts have their pros and cons, however, if we strictly go by layout, the more traditional 1+study layout at The LakeGarden Residences seems to be preferable. However, we have to recognise that Sora is about 5.5% cheaper. In this case, the lower price point may actually compensate for what we perceive to be a less favourable layout, but this is again subjective. For the 2-bedders, the lowest priced 2-bedder would be the 646 sq ft 2-bedroom deluxe which I’ll compare to the cheapest 2-bedroom compact + at The LakeGarden Residences – that sold for $1,198,800.  Sora has the bigger size here – 54 sq ft to be precise, and this difference can be seen as it is a 2b2b unit, as compared to the solo bathroom at LakeGarden Residences.  The layout at LakeGarden Residences takes a route off the beaten path with the common bedroom located right at the doorway. While everyone has their own preferences, most residents would prefer the bedrooms to be situated further away from commonly accessible areas for better privacy (e.g. further from the dining, living and definitely the entrance). The 646 sq ft unit at Sora also comes in a dumbbell layout, providing better space efficiency. The common bedroom is also ensuite, so having that direct connection to the bathroom gives the occupant better privacy which is desirable – especially if you are looking to rent out a room where both parties want their own space.  I do also like that Sora’s kitchen has a small window that allows for better ventilation when doing heavy cooking. You’ll often need to create a channel for wind to pass through, so unless you open your main door, smells from the kitchen tend to remain. With this window, you wouldn’t need to open the main door as much. I cannot say the same for The LakeGarden Residences! But let’s not compare a 2 bed 2 bath layout to a 2 bed 1 bath layout. After all, the price difference of over $100,000 is always expected. Instead, let’s look at the cheapest 2-bed 2-bathroom layout at The LakeGarden Residences: Both layouts are only 3 square metres apart, however, despite being similar in size, they still aren’t directly comparable. This is because the 678 sq ft unit at The LakeGarden Residences comes with just 1 proper bathroom. Granted, the extra bidet is what makes a big difference here, but having 2 full-fledged bathrooms allows for much more privacy and exclusivity – something that many homeowners would mull over carefully. Think about the small family with just 1 child. At some point, the parents would really like if they could just have the shower to themselves and that’s not possible with the compact+ layout. So how is it that The LakeGarden Residences has more square footage yet provides less than Sora? Sora’s dumbbell layout helped it achieve better efficiency. Looking at the $2,012 psf, Sora’s higher $PSF seems justified given it’s got two full-fledged bathrooms. It could also be for this reason that the 2-bedroom compact+ at The LakeGarden Residences has the most remaining units among all the 2-bedders. I do also like that Sora’s kitchen has a small window that allows for better ventilation when doing heavy cooking. You’ll often need to create a channel for wind to pass through, so unless you open your main door, smells from the kitchen tend to remain. With this window, you wouldn’t need to open the main door as much. I cannot say the same for The LakeGarden Residences! Finally, let’s make a comparison to the 732 sq ft layout at The LakeGarden Residences which is the fair comparison with the smallest 2-bedder at Sora: The cheapest unit sold (so far) for this layout type goes to the unit on level 6. I know it’s strange that the lower floors were more expensive, but that really was the case. In fact, levels 2 to 5 were sold for the same price of $1,508,000. Both layouts are similar in that they’re dumbbell in layout. However, The LakeGarden Residences has its bedroom right at the entrance again which I would imagine is less favourable given the lower privacy. I also find that having the bathroom right at the entrance is not as favourable. Some people may find this to be “bad feng shui” as the bathroom is seen to be dirty, hence having a direct facing to the kitchen or next to the main entrance is a poor configuration. What I do like about The LakeGarden Residences’s layout is the L-shaped kitchen which provides more countertop space. In Sora, this seems to be lacking. However, I do appreciate the small window by its kitchen. Cross-ventilation is really important especially in the kitchen area, so having a small window there helps remove any fumes from heavy cooking. There’s also another small window on the opposite wall of the living room which provides more sunlight and wind into the home – a nice touch to the layout! Speaking of the living room wall, I must highlight one important difference in the common bedroom. Notice how the common bedroom is set much further back compared to the layout at Sora? This means that the bedroom will receive lesser sunlight as it’s blocked on one side. On the other hand, Sora’s more traditional dumbbell layout has its bedroom close to the balcony, allowing it to get more sunlight from all directions. This also results in lower visibility when it comes to the views from the common bedroom which does affect one’s quality of life. What’s worse is that to the left of the common bedroom in The LakeGarden Residences is stack 18 which is the large, 5-bedroom unit. Given its setback, the visibility from the common bedroom is very narrow. It’s hard to imagine it from just looking at the floor plan or site plan, so buyers of this layout who want the Jurong Lake view would be taking some risk here. If we drew out the angle based on the site plan, you’ll find that it’s really narrow (disclaimer: site plan is and floor plan placement is just for illustration). That being said, at least it faces the lake – it’s not the case for Sora! The last difference is the master bathroom. It’s naturally ventilated in Sora, while mechanical ventilation has to be used in The LakeGarden Residences. Some people aren’t bothered by this, but natural ventilation is more effective in getting rid of smells. Opening the window would also enable cross-ventilation which is not possible without a window. Considering both layouts, I do think that Sora has the upper-hand here. This 2-bedroom layout achieves great efficiency and is practical. It’s a familiar layout that could work in the favour of the seller since buyers looking out for 2-bedders may specifically be on the lookout for this. On the other hand, the less traditional layout at The LakeGarden Residences may turn off believers in Feng Shui and they might also recognise the reduced view/sunlight in the common bedroom. What’s most intriguing though, is the price. The cheapest 2-bedder at Sora will be priced about $200,000 less than its direct peer in The LakeGarden Residences! If we assume that price jumps are similar, then Sora does seem to have the upper hand. But before jumping to conclusions, I must re-iterate that both the B1 stacks do not have the Jurong Lake view. It faces Yuan Ching Road. If this is a dealbreaker, then perhaps the “discount” of $200,000 cannot be justified. From an investment point of view though, $200,000 is about a 15% premium for just the lake view and a less-than-desirable layout. In this regard, it seems to be a substantial premium and one I’m inclined to say would likely narrow in the resale market. For this comparison, I’ll look at the cheapest 3-bedroom at The LakeGarden Residences which is a 926 sq ft unit that sold for $2,061,000.  This is just slightly more than the starting price at Sora, however, it is 10 sq ft smaller. Both layouts are quite different. The LakeGarden Residences has a dumbbell layout which makes it more efficient since it has less corridor space. This allows it to have a longer kitchen which is more functional, allowing for more cabinetry space. In contrast, Sora’s layout allows for a flex space which is handy for those needing an office set-up, a separate space for a helper, or additional storage.  However, given that both are very similar sizes, and Sora has a longer walkway to the bedrooms, that additional space has to come from somewhere. In Sora’s case, this comes at the expense of a smaller common bathroom and a smaller kitchen.  The lowest-priced 4-bedder at Sora goes to the 1,528 sq ft unit for $3,050,000. I will compare this to the cheapest 4-bedder that transacted at The LakeGarden Residences, which is the 1,335 sq ft unit that went for $2,848,000 ($2,133 sq ft). Both layouts come with a private lift and are dumbbell-shaped. The main difference is in The LakeGarden Residences, one of the bedroom is quite small so only a single bed is used as an illustration. All the bedrooms in Sora’s 4-bedder fits at least a queen-sized bed. Sora’s living/dining area is also wider and Sora’s master bedroom certainly feels bigger, even allowing for a study table just like its 3-bedroom layout. Co-incidentally, both junior master bathrooms do not come with natural ventilation. Now since Sora is significantly bigger (193 sq ft more), its overall price does put it at over $200,000 more despite being cheaper on a $PSF basis. This does seem to be a considerable difference considering both layout’s are quite practical already. Unless you are adamant on having 4 regular-sized bedrooms, the quantum difference here is quite large.  If we consider an HDB upgrader in the area looking for a 4-bedroom, this difference in quantum could sway them – an extra $200,000 is over $50,000 cash or CPF that has to be put up and this could be a significant amount to them. For the 5-bedroom comparison, it’ll be difficult to make any judgement as we’ve done previously since no indicative pricing has been given. For now, I’ll just discuss the merits of their layouts. First off, there isn’t much of a difference between the 4 and 5 bedroom layouts for both developments: For Sora, it’s an addition of a bedroom that isn’t big enough to fit a queen-sized bed plus a bigger master bathroom to accommodate a bathtub. This is one of the differences between between both layouts. You’ll find that Sora’s slightly bigger 5-bedder would feel more luxurious with this addition, however beyond that, there’s not much of a difference between both layouts. So far, there has only been 3 5-bedroom transactions – the cheapest of it is $3,357,500 ($2,116 psf). If we assume both $PSF are the same, then the size difference here only adds about $195k more for that bigger master wardrobe and bathroom, as well as a slightly wider living/dining area. Here’s a look at the average $PSF across projects with available units and their asking price. Do note that these are based on balance units remaining, so some figures may be distorted as only higher floor (higher $PSF) or much larger units remain (lower $PSF). To estimate Sora’s pricing, I’ll average out the $PSF by bedrooms for The LakeGarden Residences as well as its current asking price. This is the true average $PSF of all units in The LakeGarden Residences, assuming the developers sell as their asking price as of this writing. I’ve also sorted it by 3-bedders as this is of most interest given the unit mix. At the low $2,000+ psf, Sora does seem to be rightly placed. It’s certainly much more affordable than J’den, the integrated development that’s asking for a much higher $PSF now given it has sold out more of its units. However, it’s also not the cheapest as you might expect from a mass-market condo not near an MRT. First, there’s the subsidised new Executive Condominiums which frankly isn’t comparable in large part due to the subsidy. Others like The Arden and Mori are very different products. The Arden is a boutique development that’s known for its more affordable price point, which we’ve written about . It doesn’t have great views and facilities are lacking due to its smaller size. It’s also not near an MRT which is similar to Sora and hence priced as such.  Mori is, well, in Geylang. That makes it difficult to compare directly given the differences in locational attributes (and also because it is a boutique condo).  The Myst, in general, offers units at a lower $PSF in the 3-bedroom category and seems to be quite attractive given it’s just about a 5-minute walk to Cashew MRT. Amenities around aren’t that lacking either – retail malls like Hillion Mall, HillV2 and The Rail Mall are just a stone’s throw away. Between both, it’s just a matter of whether you prefer to stay in Jurong or Upper Bukit Timah. Overall, I think the pricing is competitive to The LakeGarden Residences, which does make sense given its size and unblocked views. As the region continues to transform into the second CBD, the market will be more and more accustomed to the above-$2,000 $PSF for newer condos in this area. Now that we’ve taken a quick look at where Sora stands among new launches available today, let’s understand the resale condos in the area. Here’s a quick look at the prices of neighbouring developments. The price comparison involves developments that I view as being more direct competitions which Sora, with the likes of Lakeside Towers and Parc Oasis excluded due to its age.  The newest resale development to Sora would be Lake Life, which is also far from Lakeside MRT. On average, Sora is 36% more expensive than Lake Life from a psf standpoint and from this perspective, Sora and The Lakegarden Residences are slightly pricey. However, we should bear in mind that firstly, Lake Life is an EC, where it was launched at a lower price (averaged $857 psf in 2014) and it came at a time when inflation was less rife and the hype in Jurong was less heated. Lake Life also has units which get views of Jurong Lake Gardens, but due to the layout of the site, most units will not get unblocked views of the lake. Regardless, unless you’re bent on having an unblocked view of Jurong Lake, this difference of 36% in $PSF for being 15 years older may be weighing on some people’s minds, so here’s a look at a recent 3 bedroom comparison. Now let’s compare the 936 sq ft unit at Sora with a 1,076 sq ft 3 bedroom unit that transacted for $1,583,500 ($1,471 psf) The most notable difference between both is the balcony. Lake Life dedicated a lot of the square footage to spanning the balcony across both bedrooms. This space could’ve gone to a household shelter which in most cases, would be useful for families. The master bedroom can’t fit a study table too, unlike with Sora. As such, Sora’s layout does appear to be more useful, especially if you’re not the type to appreciate alfresco dining in this heat. The flexi space in Sora is a good substitute for a storage area or study that Lake Life doesn’t have. Still, this price difference is quite large. This doesn’t necessarily mean it’s not worth buying Sora – the current market has indicated that people are willing to pay north of $2,000 psf for a home not near an MRT in Jurong. However, if the idea of having something brand new or having unblocked views of the lake doesn’t interest you, then there are definitely decent and more affordable options such as Lake Life in the area. Moreover, Lake Life does come with a wider living and dining space. That space alone could be extremely valuable for families with young kids, as it allows for a bigger play area compared to the narrower living/dining that Sora has. If you’re looking out for a 4-bedder, you could also consider one at Lake Life too. Most recently, a 1,195 sq ft 4-bedroom transacted on the 11th floor for just $1.66 million dollars. It’s obvious now that you can’t quite compare Sora’s 4 bedroom to an EC in Jurong! For starters, Sora has a private lift and has a household shelter too. The layout and cost would be catering to a much more different crowd. Both prices are so far apart, it’s not even targeting the same audience. Regardless, if you’re considering Sora as an upgrade for your family, it is worth knowing that there are resale developments around that could make still be suitable if you are working on a tighter budget.  As for Lake Grande and Lakeville, these are developments that are closer to Lakeside MRT and the prices are clearly reflecting this. Despite being 10 years older than Sora, it is only between 16% to 24% cheaper than Sora. If you view these developments are direct competitors to Sora, Sora is currently quite well-priced (at least, based on the lowest indicative prices). How you see it depends on perspective of course as some will point out that the 2 developments are walking distance to Lakeside MRT. No one would ever say that Sora is close to the MRT station but while Lake Grande and Lakeville are half that distance, they are still a 9 minute walk away. Not exactly convenient either, in my opinion. What’s helpful at Sora is the shuttle bus service to Lakeside MRT (3 minutes ride if there isn’t a jam) which would be much appreciated, as long as the frequency makes sense. Hence, how you view this comparison is then pretty subjective (age, time, mobility etc). Overall, I think that Sora’s pricing is reasonable given where we are today among the new launch projects – and especially if you compare it to The LakeGarden Residences. Those looking for something new and an unblocked view of the lake would find Sora to be attractive, particularly if taking public transport is not a problem for you since it’s not near the MRT. However, if these positive attributes aren’t a must for you, then there are more affordable resale alternatives in the area which could explain the slow take-up of The LakeGarden Residences. If you’d like to get in touch for a more in-depth consultation to see if Sora is right for you, you can do so .