Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The tender closure for Lakepoint Apartment comes 2 weeks after Lakeside Apartments, an additional 99-year leasehold site situated in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land charge for the collective sale is estimated to be about $1,250 psf ppr to $1,260 psf ppr, without consisting of the perk terrace area.
The development stands about 300m from Lakeside MRT Terminal on the East-West Line. It is additionally within walking range to Jurong Lake Gardens.
The consolidated sale tender for Lakepoint Condo – a 99-year leasehold property development located in Jurong – has closed on June 8 with no quotes, according to marketing representative PropNex Realty.
“While there was attention in the Lakepoint Residence location amongst constructors, we did not get a quote at the end of the shared sale tender,” expresses Tracy Goh, head of investment and also collective sales at PropNex.
The property was introduced for cumulative revenue on April 19 at a reservation price of $640 million, which calculates to an estimated land rate of $959 to $982 psf per plot ratio (ppr), without exception of the property price and also lease top-up costs from JTC Corp
Lakepoint Residence sits on a site spanning 562,286 sq ft and also makes up a total of 309 units. Based upon the 2019 Master Plan, the site has a plot ratio of 1.4 as well as is zoned for housing usage. It features the prospective to get redeveloped into 860 different apartment units, equating 915 sq ft each, based on the preparation authority’s approval.
The purchase cost of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million get price listed when the 120-unit project was released for cumulative transaction in March this year. Propnex was likewise the unique advertising agent for that transaction.
Owners of Lakepoint Condominium will definitely now join private treaty arrangements with eager parties, suggests PropNex’s Goh. Under regulations supervising collective sales, owners of the project can enter into a private treaty arrangement with a customer in just 10 weeks from the tender closing day.