Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
The owners of Lakeside Apartments launched their initial cumulative sale pursuit in 2018 with the exact same reserve rate of $240 million, which showed a land rate of about $1,077 psf per plot ratio, shortly after factoring in the contract top-up costs as well as development cost.
According to a press release by Wing Tai on May 26, the planner wants to redevelop the place toward a housing development with greater than 300 units. The layout of the plan will focus on the beachfront sights of Jurong Lake as well as the plant around the adjacent Chinese and Japanese Gardens.
“Given the limited supply of new home advancements in the location, we are confident that demand for this new property will be solid. We are excited to be part of the Jurong Lake District improvement and eagerly anticipate building a well-known project which deals with the modern way of living needs of house buyers,” states Tan Hwee Bin, executive supervisor of Wing Tai Holdings.
According to Tracy Goh, head of investment and also collective sales at PropNex, the tender was “fiercely contested” as a result of the growth’s enticing area in the Jurong place as well as upcoming expansion possibility.
Based upon a close estimation of the land rate, this translates to around $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, without including the bonus porch area.
Lakeside Apartments at 9E & 9F Yuan Ching Road lies along the side of Jurong Lake Gardens. The 134,177 sq ft site has a gross plot ratio of 2.1 under the most recent master plan. The location is served by the nearby Lakeside MRT Station on the East-West Line, and also has roadway connection via the Ayer Rajah Expressway and also the Pan Island Expressway. The spot is additionally within the Jurong Lake District, which has actually been earmarked as a second CBD in Singapore by urban coordinators.
The acquisition price of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million reserve price provided when the 120-unit property was opened for cumulative sale in March this year. According to PropNex, each proprietors stands to earn proceeds of $2.28 million from the deal.
Leading realty builder Wing Tai Holdings has already won the tender for the shared sale of Lakeside Apartments in Jurong. The developer paid $273.88 million for the 99-year leasehold area. PropNex Real estate was the unique marketing broker for this cumulative deal.
“The reasonably limited supply of new exclusive household projects in the Lakeside region even more improved the appeal of this collective sale site, with builders anticipating well-balanced future demand for households to be improved the plot,” she expresses.
