Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil

“Given the constrained supply of new property advancements in the location, we are positive that demand for this new assignment will certainly be strong. We are thrilled to be involved in the Jurong Lake District improvement and also look forward to constructing a famous project which caters to the modern way of life needs of property buyers,” explains Tan Hwee Bin, executive director of Wing Tai Holdings.

The owners of Lakeside Apartments released their 1st collective sale effort in 2018 with the exact same reserve cost of $240 million, which mirrored a land cost of about $1,077 psf per plot ratio, soon after considering the rent top-up costs as well as improvement fee.

According to Tracy Goh, head of expenditure as well as combined sales at PropNex, the tender was “hotly opposed” because of the development’s attractive location in the Jurong place and potential development potential.

Leading realty builder Wing Tai Holdings possesses won the tender for the collective sale of Lakeside Apartments in Jurong. The builder paid $273.88 million for the 99-year leasehold spot. PropNex Realty was the special marketing broker for this collective profit.

Based on a near calculation of the land price, this translates to approximately $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, after including the additional terrace location.

The investment rate of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million reserve rate provided when the 120-unit improvement was released for combined deal in March this year. According to PropNex, every owners stands to earn profits of $2.28 million from the purchase.

One Bernam showflat

“The relatively limited supply of new private property projects in the Lakeside location better increased the appeal of this combined sale location, with planners expecting well-balanced future demand for condos to be built on the plot,” she states.

According to an announcement by Wing Tai on May 26, the developer wants to redevelop the place toward a housing development with greater than 300 units. The design of the plan will certainly emphasize the beachfront views of Jurong Lake as well as the plant around the nearby Chinese as well as Japanese Gardens.

Lakeside Apartments at 9E & 9F Yuan Ching Roadway rises along 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 location is presented by the neighboring Lakeside MRT Terminal on the East-West Line, as well as has road connectivity with the Ayer Rajah Expressway and the Pan Island Expressway. The spot is also within the Jurong Lake Area, which has actually been named as a 2nd CBD in Singapore by urban planners.

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