Updates to planning parameters on Lakepoint Condominium collective sale site

Lakepoint Condominium, a 99-year leasehold property situated on Lakepoint Drive in Jurong, was relaunched for cumulative sale on April 19. The earlier tender shut without proposals, and PropNex has actually participated in exclusive treaty talks with engaged parties after the tender finalized.

The present tender will close on July 22 at 2pm.

Lakepoint Condo has a place location of 562,286 sq ft and also is zoned for property usage, with a plot ratio of 1.4, under the URA Master Plan 2019. The development comprises 304 household units as well as 5 shop systems. It lies within strolling distance of the Lakeside MRT Station. The location is also near the Jurong Lake District, which will certainly be the biggest mixed-use business district outside the city centre. There are a total of 2,652 residential units within a 500m distance, of which 712 units are from the adjoining Caspian.

New Port Residences City Developments and MCL Land

Along the southerly boundary block encountering landed properties, URA is prepared to relieve the existing five-storey elevation control to seven-storey for the blocks. For the north-east limit, blocks around a height of 12 floors could be supported, ensured it does not go beyond the height of the existing 12-storey block and a minimum problem of 10m from the usual limit with Caspian condo is enforced. URA has actually mentioned it is prepared to consider more relaxation of the building elevation of as much as 16 floors for the staying blocks along the north/north-west boundary, based on a minimal 30m obstacle from the usual limit with Lakeholmz residence.

JTC has actually likewise verified the property base line, which translates to a projected land price of $988 psf per plot ratio, inclusive of the development fee as well as lease top-up costs.

The reserve cost stays at $640 million.

URA has stated to the Lakepoint Condo Collective Sale Board that it is “prepared to ease off elevation controls for future developments on the area”, subject to conditions and also comprehensive assessment upon official preparation application, according to PropNex.

“We are heartened that the URA is prepared to unwind the varying elevation controls. With several of the blocks going as high as 12 and also 16 floors, this will capture spectacular sights of the Jurong Lake Gardens in the new property,” states Tracy Goh, head of investment and cumulative sales at PropNex.

PropNex Real estate, the unique marketing representative of the Lakepoint Residence cumulative sale, has revealed updates to the land preparation criteria of the location in a press release on July 13, following URA’s reply.

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