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

Lakepoint Condominium remains on an area spanning 562,286 sq ft and even comprises a total amount of 309 units. Based on the 2019 Master Plan, the site has a plot ratio of 1.4 and also is zoned for residential usage. It has the possible to get redeveloped right into 860 all new condo units, averaging 915 sq ft each, based on the preparation authority’s approval.

. Property Owners of Lakepoint Apartment will now join private treaty negotiations with interested events, claims PropNex’s Goh. Under regulations controling shared sales, proprietors of the property might possibly enter into a nonpublic treaty deal with a purchaser within 10 weeks from the tender closing day.

“While there was attention in the Lakepoint Apartment area among developers, we did not obtain a proposal at the close of the collective sale tender,” states Tracy Goh, head of financial investment and also shared sales at PropNex.

The property was started for cumulative profit on April 19 at a reservation rate of $640 million, which calculates to an approximated land rate of $959 to $982 psf per plot ratio (ppr), comprehensive of the development rate as well as lease top-up premium from JTC Corp

The purchase rate of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million book price listed when the 120-unit property development was launched for shared deal in March this year. Propnex was likewise the exclusive marketing broker for that deal.

The consolidated sale tender for Lakepoint Apartment – a 99-year leasehold property found in Jurong – has certainly closed on June 8 without any bids, according to sales salesperson PropNex Realty.

The Arden condominium

The tender closure for Lakepoint Condo comes 2 weeks after Lakeside Apartments, another 99-year leasehold site positioned in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land rate for the shared revenue is determined to be around $1,250 psf ppr to $1,260 psf ppr, without any including the benefit patio location.

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

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