Updates to planning parameters on Lakepoint Condominium collective sale site
URA has mentioned to the Lakepoint Residence Collective Sale Committee that it is “prepared to loosen up height controls for future developments on the area”, subject to issues and thorough analysis upon official preparation application, according to PropNex.
Lakepoint Condo, a 99-year leasehold project situated on Lakepoint Drive in Jurong, was relaunched for cumulative sale on April 19. The earlier tender closed without bids, as well as PropNex has participated in personal treaty talks with interested parties after the tender finalized.
“We are heartened that the URA is prepared to loosen up the differing height controls. With some of the blocks going as high as 12 and also 16 floors, this will record magnificent views of the Jurong Lake Gardens in the new project,” claims Tracy Goh, head of financial investment and also collective sales at PropNex.
PropNex Real estate, the special marketing agent of the Lakepoint Condominium cumulative sale, has actually announced updates to the land preparation criteria of the location in a press release on July 13, complying with URA’s reply.
Along the southerly limit block facing landed properties, URA is prepared to relax the existing five-storey height control to seven-storey for the blocks. For the north-east limit, blocks as many as a height of 12 storeys could be supported, ensured it does not surpass the height of the existing 12-storey block and also a smallest obstacle of 10m from the typical limit with Caspian condo is enforced. URA has specified it is prepared to take into consideration additional leisure of the building level of as much as 16 storeys for the remaining blocks along the north/north-west border, subject to a minimum 30m obstacle from the usual border with Lakeholmz residence.
Lakepoint Condo has a site area of 562,286 sq ft as well as is zoned for domestic use, with a plot ratio of 1.4, under the URA Master Plan 2019. The development comprises 304 domestic systems and five store devices. It rises within walking range of the Lakeside MRT Terminal. The location is additionally near the Jurong Lake Area, which will certainly be the biggest mixed-use enterprise zone outside the city centre. There are an overall of 2,652 household units within a 500m radius, of which 712 units are from the adjoining Caspian.
The present tender will end July 22 at 2pm.
JTC has actually additionally verified the development base line, which equates to an estimated land price of $988 psf per plot ratio, inclusive of the development price and lease top-up costs.
The reserve cost stays at $640 million.