Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil

Leading property developer Wing Tai Holdings possesses won the tender for the combined sale of Lakeside Apartments in Jurong. The developer paid $273.88 million for the 99-year leasehold place. PropNex Realty was the special marketing agent for this combined deal.

The acquisition price of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million reserve rate listed when the 120-unit expansion was opened for collective deal in March this year. According to PropNex, all proprietors stands to acquire earnings of $2.28 million from the deal.

“Given the constrained supply of new residential developments in the area, we are positive that demand for this new project will be solid. We are thrilled to be part of the Jurong Lake District change as well as expect developing a well-known project which deals with the today’s way of living requirements of property purchasers,” mentions Tan Hwee Bin, executive supervisor of Wing Tai Holdings.

According to Tracy Goh, head of expenditure as well as shared sales at PropNex, the tender was “hotly disputed” because of the growth’s enticing area in the Jurong area as well as upcoming growth possibility.

Based upon a close computation of the land rate, this converts to approximately $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, after consisting of the additional veranda spot.

Klimt Cairnhill condo floor plan

According to an announcement by Wing Tai on May 26, the developer wants to redevelop the spot toward a household advancement with more than 300 units. The style of the project will certainly emphasize the beachfront perspectives of Jurong Lake and also the plant around the close-by Chinese and Japanese Gardens.

“The fairly limited supply of new personal domestic projects in the Lakeside place even more increased the charm of this combined sale spot, with builders anticipating healthy future demand for apartments to be built on the plot,” she expresses.

The owners of Lakeside Apartments launched their primary combined sale attempt in 2018 with the exact same reserve rate of $240 million, which reflected a land cost of around $1,077 psf per plot ratio, soon after factoring in the rental top-up fee and also expansion cost.

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 current master plan. The place is served by the nearby Lakeside MRT Terminal on the East-West Line, as well as has roadway connectivity via the Ayer Rajah Expressway as well as the Frying Pan Island Expressway. The spot is also within the Jurong Lake District, which has actually been named as a second CBD in Singapore by city coordinators.

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