THE property market might have slowed in recent months, but for home hunters seeking good-value, long-term investments, there is one suburban estate screaming for attention: Jurong.

The Housing Board (HDB) town in the western region of Singapore might conjure up images of sprawling factories and sleepy suburbia, but in 10 to 15 years' time, it will undergo a transformation that could propel the estate to the forefront of the suburban property market, say industry experts.

Last week, National Development Minister Mah Bow Tan unveiled an ambitious blueprint to transform Jurong into Singapore's only lakeside destination: the Jurong Lake District.

It is set to become the largest commercial hub outside the Central Business District (CBD) - almost three times the size of Tampines, now Singapore's biggest suburban commercial hub.

Jurong's rejuvenation involves the building of new waterways, 1,000 private homes and 2,800 hotel rooms, as well as the addition of 500,000 sq m of office space and 250,000 of retail space.

In the short term, market watchers say Jurong is unlikely to see 'exceptional boosts to prices', given the current lacklustre market sentiment.

'Plans are still at a very early stage, and it's difficult to predict exact figures for future increases in property values when many factors are at play,' said Colliers International's director of research and consultancy, Ms Tay Huey Ying.

But in the long term, property prices in Jurong could match those in established suburban towns such as Bishan and Ang Mo Kio, she added.

Read the full report in The Sunday Times.