Collective sale tender for Lakepoint Condo closes without bids, enters private treaty

The project is located about 300m from Lakeside MRT Terminal on the East-West Line. It is additionally throughout strolling distance to Jurong Lake Gardens.

The acquisition cost of Lakeside Apartments has to do with $33.88 million (14%) higher than the $240 million get price listed when the 120-unit project was launched for collective transaction in March this year. Propnex was likewise the special advertising representative for that transaction.

“Whilst there was attention in the Lakepoint Condo site amongst developers, we did not purchase a proposal at the end of the collective sale tender,” claims Tracy Goh, head of financial investment as well as cumulative sales at PropNex.

. Property Owners of Lakepoint Residence will now take part in exclusive treaty settlements with interested events, says PropNex’s Goh. Under regulations supervising shared sales, managers of the property development might participate in a private treaty deal with a buyer within 10 weeks from the tender closing date.

The tender closure for Lakepoint Residence arrives two weeks after Lakeside Apartments, another 99-year leasehold site situated in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land fee for the consolidated revenue is determined to be around $1,250 psf ppr to $1,260 psf ppr, without including the incentive patio area.

The apartment was launched for cumulative revenue on April 19 at a reservation value of $640 million, which works out to an expected land rate of $959 to $982 psf per plot ratio (ppr), inclusive of the project fee as well as lease top-up premium from JTC Corp

Lakepoint Residence rests on an area extending 562,286 sq ft and makes up a total amount of 309 units. Based upon the 2019 Master Plan, the site has a plot ratio of 1.4 as well as is zoned for domestic usage. It features the potential to be redeveloped into 860 new condominium units, equating 915 sq ft each, based on the planning authority’s authorization.

The shared sale tender for Lakepoint Residence – a 99-year leasehold project positioned in Jurong – has closed on June 8 with no tenders, according to sales broker PropNex Realty.

Mori Condo Roxy Pacific Holdings Limited

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