Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
Leading property builder Wing Tai Holdings has won the tender for the cumulative sale of Lakeside Apartments in Jurong. The constructor paid $273.88 million for the 99-year leasehold site. PropNex Realty was the exclusive advertising representative for this shared revenue.
Based on a relative computation of the land cost, this turns to around $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, after including the extra veranda space.
The proprietors of Lakeside Apartments launched their first combined sale pursuit in 2018 with the very same reserve rate of $240 million, which mirrored a land rate of about $1,077 psf per plot ratio, following factoring in the rent top-up costs and expansion fee.
Lakeside Apartments at 9E & 9F Yuan Ching Road is located near the edge of Jurong Lake Gardens. The 134,177 sq ft website has a gross plot ratio of 2.1 under the most recent master plan. The site is served by the nearby Lakeside MRT Station on the East-West Line, as well as has road connection with the Ayer Rajah Expressway and also the Frying Pan Island Expressway. The area is likewise inside the Jurong Lake District, which has actually been reserved as a second CBD in Singapore by metropolitan organizers.
“The fairly limited supply of new personal property properties in the Lakeside region further improved the appeal of this cumulative sale location, with planners expecting healthy future need for estates to be built on the plot,” she says.
The acquisition price of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million reserve price listed when the 120-unit expansion was opened for shared sale in March this year. According to PropNex, all property owners stands to obtain profits of $2.28 million from the deal.
“Given the minimal supply of new home growths in the area, we are confident that demand for this new project will be solid. We are thrilled to be involved in the Jurong Lake District modification as well as look forward to constructing an iconic development which accommodates the contemporary lifestyle demands of house customers,” says Tan Hwee Bin, executive supervisor of Wing Tai Holdings.
According to a news release by Wing Tai on May 26, the maker plans to redevelop the website into a residential advancement with greater than 300 units. The design of the project will feature the beachfront views of Jurong Lake and also the greenery around the nearby Chinese and Japanese Gardens.
According to Tracy Goh, head of expenditure and also combined sales at PropNex, the tender was “hotly contested” as a result of the development’s appealing location in the Jurong location as well as potential expansion possibility.