Updates to planning parameters on Lakepoint Condominium collective sale site
Lakepoint Condominium, a 99-year leasehold property located on Lakepoint Drive in Jurong, was relaunched for collective sale on April 19. The earlier tender shut without proposals, and also PropNex has actually participated in private treaty discussions with interested parties after the tender closed.
“We are heartened that the URA is prepared to loosen up the varying elevation controls. With a few of the blocks going as high as 12 and 16 storeys, this will capture stunning sights of the Jurong Lake Gardens in the brand-new project,” says Tracy Goh, head of financial investment and also collective sales at PropNex.
Along the southerly boundary block encountering landed properties, URA is prepared to relieve the existing five-storey level control to seven-storey for the blocks. For the north-east border, blocks up to an elevation of 12 storeys could be supported, ensured it does not exceed the height of the existing 12-storey block as well as a minimal setback of 10m from the usual border with Caspian condominium is applied. URA has specified it is prepared to consider further leisure of the structure elevation of as much as 16 floors for the staying blocks along the north/north-west boundary, subject to a minimum 30m problem from the common limit with Lakeholmz condominium.
JTC has actually likewise verified the development base line, which equates to an approximated land rate of $988 psf per plot ratio, inclusive of the development fee as well as lease top-up premium.
The get cost stays at $640 million.
The existing tender will close on July 22 at 2pm.
PropNex Realty, the exclusive advertising agent of the Lakepoint Condominium cumulative sale, has actually announced updates to the land preparation parameters of the site in a press release on July 13, adhering to URA’s reply.
URA has actually stated to the Lakepoint Residence Collective Sale Committee that it is “prepared to relieve height controls for future properties on the site”, subject to problems and thorough assessment upon formal preparation application, according to PropNex.
Lakepoint Condo has a place area of 562,286 sq ft and is zoned for property use, with a plot ratio of 1.4, under the URA Master Plan 2019. The property comprises 304 residential devices and also 5 shop units. It is located within strolling distance of the Lakeside MRT Station. The area is additionally near the Jurong Lake Area, which will be the most extensive mixed-use business district outside the city centre. There are a total of 2,652 domestic units within a 500m span, of which 712 units are from the neighbouring Caspian.