Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The apartment was started for consolidated revenue on April 19 at a reserve rate of $640 million, which works out to an estimated land price of $959 to $982 psf per plot ratio (ppr), comprehensive of the development rate and also lease top-up costs from JTC Corp
The tender closure for Lakepoint Condo comes 2 weeks after Lakeside Apartments, one more 99-year leasehold site situated in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land price for the collective sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, after including the reward porch area.
The consolidated sale tender for Lakepoint Apartment – a 99-year leasehold project situated in Jurong – has certainly closed on June 8 with no proposals, according to marketing broker PropNex Realty.
Lakepoint Condominium remains on an area covering 562,286 sq ft and even consists of a total amount of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 as well as is zoned for housing use. It has the potential to be redeveloped into 860 new residence units, balancing 915 sq ft each, based on the planning authority’s permission.
“While there was pursuit in the Lakepoint Residence location amongst developers, we did not purchase a proposal at the close of the collective sale tender,” claims Tracy Goh, head of financial investment as well as collective sales at PropNex.
Property Owners of Lakepoint Condominium will now take part in private treaty arrangements with eager events, suggests PropNex’s Goh. Under regulations regulating shared sales, proprietors of the project might possibly take part in an exclusive treaty commitment with a purchaser in just 10 weeks from the tender closing day.
The purchase rate of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million get price listed when the 120-unit development was started for consolidated deal in March this year. Propnex was additionally the unique advertising broker for that special offer.
The project stands regarding 300m from Lakeside MRT Station on the East-West Line. It is likewise found in walking range to Jurong Lake Gardens.