Collective sale tender for Lakepoint Condo closes without bids, enters private treaty

The tender closure for Lakepoint Apartment arrives two weeks after Lakeside Apartments, an additional 99-year leasehold area found in Jurong, was marketed off to Wing Tai Holdings for $273.88 million. The land price for the shared revenue is approximated to be about $1,250 psf ppr to $1,260 psf ppr, without including the bonus offer balcony location.

The real estate was started for cumulative sale on April 19 at a reserve cost of $640 million, which works out to an estimated land rate of $959 to $982 psf per plot ratio (ppr), inclusive of the property expense as well as lease top-up costs from JTC Corp.

New Port Residences condo floor plan

The cumulative sale tender for Lakepoint Condominium – a 99-year leasehold property development placed in Jurong – has recently closed on June 8 with no quotes, according to promotion agent PropNex Realty.

“Whilst there was attention in the Lakepoint Condo site amongst constructors, we did not acquire a proposal at the end of the consolidated sale tender,” says Tracy Goh, head of investment and also collective sales at PropNex.

The project stands about 300m from Lakeside MRT Station on the East-West Line. It is additionally throughout walking distance to Jurong Lake Gardens.

Lakepoint Residence rests on a location spanning 562,286 sq ft and comprises a total of 309 units. Based on the 2019 Master Plan, the site has a plot ratio of 1.4 as well as is zoned for house usage. It has the possible to get redeveloped into 860 all new condominium units, equating 915 sq ft each, based on the organizing authority’s consent.

Proprietors of Lakepoint Condo will definitely now take part in private treaty settlements with eager celebrations, suggests PropNex’s Goh. Under legislations regulating cumulative sales, owners of the project may join a special treaty contract with an investor in just 10 weeks from the tender closing date.

The acquisition price of Lakeside Apartments has to do with $33.88 million (14%) higher than the $240 million reserve price listed when the 120-unit property development was started for consolidated deal in March this year. Propnex was additionally the unique marketing representative for that special offer.