Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
Leading real estate builder Wing Tai Holdings has already won the tender for the collective sale of Lakeside Apartments in Jurong. The constructor paid $273.88 million for the 99-year leasehold site. PropNex Real estate was the unique advertising broker for this cumulative sale.
“The relatively minimal supply of new personal household properties in the Lakeside region even more enhanced the charm of this shared sale spot, with developers expecting well-balanced future need for condos to be built on the plot,” she expresses.
Based on a near estimation of the land rate, this converts to approximately $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, after consisting of the extra balcony area.
According to Tracy Goh, head of expenditure and combined sales at PropNex, the tender was “hotly objected to” due to the development’s appealing location in the Jurong region and long term growth potential.
“Given the minimal supply of new property growths in the area, we are positive that demand for this new assignment will certainly be strong. We are delighted to be part of the Jurong Lake District transformation as well as expect building an iconic development which accommodates the modern lifestyle needs of house customers,” states Tan Hwee Bin, executive director of Wing Tai Holdings.
Lakeside Apartments at 9E & 9F Yuan Ching Roadway lies near the border of Jurong Lake Gardens. The 134,177 sq ft website has a gross plot ratio of 2.1 under the latest master plan. The location is presented by the nearby Lakeside MRT Terminal on the East-West Line, as well as has road connectivity via the Ayer Rajah Expressway and also the Pan Island Expressway. The spot is additionally inside the Jurong Lake Area, which has been reserved as a second CBD in Singapore by metropolitan organizers.
The owners of Lakeside Apartments launched their primary shared sale attempt in 2018 with the same reserve rate of $240 million, which mirrored a land rate of around $1,077 psf per plot ratio, right after considering the rent top-up premium as well as expansion charge.
According to a news release by Wing Tai on May 26, the planner wants to redevelop the site toward a property growth with greater than 300 units. The layout of the property will certainly highlight the waterfront scenery of Jurong Lake as well as the plant around the surrounding Chinese as well as Japanese Gardens.
The investment cost of Lakeside Apartments has to do with $33.88 million (14%) higher than the $240 million reserve cost specified when the 120-unit construction was released for shared deal in March this year. According to PropNex, all property owners stands to acquire profits of $2.28 million from the transaction.