Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
Lakepoint Residence sits on a location spanning 562,286 sq ft and makes up a total amount of 309 units. Based on the 2019 Master Plan, the spot has a plot ratio of 1.4 and is zoned for domestic use. It has the likely to get redeveloped into 860 new residence units, balancing 915 sq ft each, based on the organizing authority’s permission.
The tender closure for Lakepoint Residence comes 2 weeks after Lakeside Apartments, one more 99-year leasehold spot found in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land fee for the cumulative revenue is quoted to be about $1,250 psf ppr to $1,260 psf ppr, without any consisting of the bonus veranda area.
The shared sale tender for Lakepoint Residence – a 99-year leasehold property development located in Jurong – has closed on June 8 with no quotes, according to promotion agent PropNex Realty.
The development is located concerning 300m from Lakeside MRT Station on the East-West Line. It is also throughout walking range to Jurong Lake Gardens.
The acquisition price of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million get price listed when the 120-unit project was started for shared sale in March this year. Propnex was likewise the special promotion broker for that special offer.
Proprietors of Lakepoint Apartment will now participate in exclusive treaty arrangements with interested events, points out PropNex’s Goh. Under laws controling cumulative sales, owners of the project might participate in a special treaty arrangement with a purchaser within 10 weeks from the tender closing period.
The residential property was opened for shared sale on April 19 at a reserve price of $640 million, which calculates to an estimated land rate of $959 to $982 psf per plot ratio (ppr), inclusive of the development price as well as lease top-up premium from JTC Corp
“While there was pursuit in the Lakepoint Condominium area among developers, we did not purchase a bid at the close of the consolidated sale tender,” says Tracy Goh, head of investment as well as cumulative sales at PropNex.