Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
Lakepoint Apartment sits on an area covering 562,286 sq ft and also consists of 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 domestic use. It gets the possible to get redeveloped right into 860 new condominium units, averaging 915 sq ft each, based on the preparation authority’s consent.
The residence was released for collective revenue on April 19 at a reserve value of $640 million, which works out to an approximated land rate of $959 to $982 psf per plot ratio (ppr), without exception of the project rate and also lease top-up costs from JTC Corp
The project is located about 300m from Lakeside MRT Station on the East-West Line. It is likewise throughout strolling distance to Jurong Lake Gardens.
The shared sale tender for Lakepoint Apartment – a 99-year leasehold property located in Jurong – has recently closed on June 8 without any tenders, according to sales broker PropNex Realty.
. Owners of Lakepoint Condo will now become part of private treaty settlements with eager events, states PropNex’s Goh. Under laws regulating cumulative sales, managers of the property may join an exclusive treaty deal with a customer in just 10 weeks from the tender closing period.
The purchase price of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million get price listed when the 120-unit property development was released for shared deal in March this year. Propnex was additionally the exclusive advertising representative for that bargain.
“While there was interest in the Lakepoint Condo location amongst constructors, we did not acquire a quote at the close of the collective sale tender,” says Tracy Goh, head of investment as well as collective sales at PropNex.
The tender closure for Lakepoint Residence arrives two weeks after Lakeside Apartments, an additional 99-year leasehold area located in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land charge for the cumulative revenue is estimated to be about $1,250 psf ppr to $1,260 psf ppr, without any consisting of the incentive balcony area.