Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
Lakepoint Residence sits on a site spanning 562,286 sq ft and also consists of an overall of 309 units. Based on the 2019 Master Plan, the spot has a plot ratio of 1.4 as well as is zoned for domestic use. It has the prospective to get redeveloped into 860 new residence units, balancing 915 sq ft each, based on the handling authority’s permission.
The tender closure for Lakepoint Residence comes two weeks after Lakeside Apartments, another 99-year leasehold site found in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land fee for the cumulative sale is determined to be around $1,250 psf ppr to $1,260 psf ppr, without including the bonus offer balcony area.
The collective sale tender for Lakepoint Condo – a 99-year leasehold property located in Jurong – has recently closed on June 8 with no bids, according to promotion representative PropNex Realty.
The building was launched for consolidated revenue on April 19 at a reserve cost of $640 million, which calculates to a projected land price of $959 to $982 psf per plot ratio (ppr), without exception of the development price and also lease top-up costs from JTC Corp
“While there was attention in the Lakepoint Apartment area among constructors, we did not purchase a bid at the close of the cumulative sale tender,” says Tracy Goh, head of investment and collective sales at PropNex.
The acquisition cost of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million book price listed when the 120-unit development was introduced for shared deal in March this year. Propnex was likewise the unique marketing agent for that transaction.
. Property Owners of Lakepoint Apartment will definitely now take part in personal treaty arrangements with eager parties, claims PropNex’s Goh. Under legislations supervising collective sales, managers of the property can become part of an exclusive treaty agreement with a buyer within 10 weeks from the tender closing period.
The development lies about 300m from Lakeside MRT Station on the East-West Line. It is also within strolling range to Jurong Lake Gardens.
