CapitaLand to Redevelop Singapore’s JCube Mall Into 40-Storey Residential Project

Singapore’s CapitaLand Development has obtained provisional permission from authorities to redevelop its JCube mall into a 40-storey residential project after acquiring the property from an affiliated REIT one year ago.

Targeted for completion in 2027, the development will feature commercial space on the first and second storeys and connect directly to the Jurong East MRT interchange station and the Westgate and IMM malls via an elevated pedestrian walkway, the developer said Tuesday in a release.

The project aims to complement the government’s plans to bring new homes, businesses, recreational facilities and amenities to the Jurong Lake District as it transforms into Singapore’s largest business precinct outside of the central area.

“JLD is fast taking shape as Singapore’s model for smart and sustainable living,” said Tan Yew Chin, chief executive of CapitaLand Development Singapore. “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 JLD’s transformation.”

August Closure

JCube will cease operations on 7 August of this year. The ownership is working with tenants to provide support to ensure a smooth handover of the premises, CapitaLand said.

Temasek-backed CapitaLand acquired JCube in early 2022 from CapitaLand Integrated Commercial Trust for S$340 million ($253 million). The five-storey mall occupies a 99-year leasehold site granted since March 1991 and is just a few minutes’ walk from CICT’s Westgate and one kilometre (0.6 miles) from the trust’s IMM Building.

Standing across the street from Jurong East MRT station, JCube was developed by CapitaLand Mall Trust and in 2005 was formally acquired by that REIT, which merged with CapitaLand Commercial Trust to form CICT in 2020. CICT’s manager is a wholly owned unit of the trust’s sponsor, SGX-listed CapitaLand Investment, which in turn is controlled by CapitaLand.

Jurong East MRT station serves the East-West and North-South lines and will also receive the upcoming Jurong Region and Cross Island lines. CapitaLand’s project will similarly link to the future Jurong East Integrated Transport Hub, comprising an air-conditioned bus interchange, a public library, a community club and a sports centre.

Nearby White Site

The Jurong Lake District is expected to provide 100,000 new jobs and 20,000 new homes by 2050, according to government figures.

The district authority in December announced plans to release a 6.8 hectare (16.8 acre) “white site” for sale to a master developer in the first half of 2023. The site comprises three plots of land linking Jurong East MRT station and the future Jurong Lake District station of the Cross Island Line.

With a potential yield of 150,000 square metres (1.6 million square feet) of office space, 1,760 private residential units and 75,000 square metres for retail, hotel or community uses, the white site will be progressively developed over the next five to 10 years to cater to market demand.