Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The development lies concerning 300m from Lakeside MRT Station on the East-West Line. It is additionally found in walking proximity to Jurong Lake Gardens.
The acquisition cost of Lakeside Apartments has to do with $33.88 million (14%) higher than the $240 million book price listed when the 120-unit development was introduced for cumulative transaction in March this year. Propnex was also the special advertising agent for that bargain.
Lakepoint Condo sits on a site extending 562,286 sq ft and also consists of a total of 309 units. Based on the 2019 Master Plan, the site has a plot ratio of 1.4 and also is zoned for house usage. It has the potential to get redeveloped right into 860 all new residence units, equating 915 sq ft each, subject to the planning authority’s confirmation.
The cumulative sale tender for Lakepoint Apartment – a 99-year leasehold property development found in Jurong – has recently closed on June 8 without any proposals, according to marketing representative PropNex Realty.
The property was established for collective profit on April 19 at a reserve rate of $640 million, which calculates to an approximated land rate of $959 to $982 psf per plot ratio (ppr), without exception of the project price and lease top-up costs from JTC Corp
The tender closure for Lakepoint Condominium comes two weeks after Lakeside Apartments, another 99-year leasehold place situated in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land fee for the consolidated sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, without including the perk terrace area.
“Whilst there was interest in the Lakepoint Condominium location amongst constructors, we did not obtain a quote at the end of the collective sale tender,” expresses Tracy Goh, head of financial investment and cumulative sales at PropNex.
. Owners of Lakepoint Condominium will definitely now join private treaty settlements with interested parties, says PropNex’s Goh. Under regulations controling collective sales, operators of the property development might possibly become part of a special treaty contract with an investor within 10 weeks from the tender closing period.