Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
Lakeside Apartments at 9E & 9F Yuan Ching Roadway rises near the side of Jurong Lake Gardens. The 134,177 sq ft site has a gross plot ratio of 2.1 under the most up to date master plan. The site is presented by the close-by Lakeside MRT Terminal on the East-West Line, and has roadway connection through the Ayer Rajah Expressway and the Frying Pan Island Expressway. The area is also inside the Jurong Lake Area, which has been named as a second CBD in Singapore by urban organizers.
According to Tracy Goh, head of investment and shared sales at PropNex, the tender was “hotly disputed” because of the growth’s attractive location in the Jurong area as well as future improvement potential.
The transaction cost of Lakeside Apartments is about $33.88 million (14%) more than the $240 million reserve cost specified when the 120-unit improvement was introduced for cumulative deal in March this year. According to PropNex, all owners stands to obtain profits of $2.28 million from the deal.
The proprietors of Lakeside Apartments introduced their primary cumulative sale pursuit in 2018 with the same reserve cost of $240 million, which reflected a land fee of around $1,077 psf per plot ratio, following considering the lease top-up fee as well as improvement cost.
SINGAPORE (EDGEPROP) – Leading property constructor Wing Tai Holdings has already won the tender for the collective sale of Lakeside Apartments in Jurong. The constructor paid $273.88 million for the 99-year leasehold site. PropNex Real estate was the exclusive marketing representative for this shared profit.
“The reasonably restricted supply of new exclusive residential projects in the Lakeside place better improved the charm of this shared sale site, with developers preparing for well-balanced future demand for estates to be improved the plot,” she mentions.
“Given the constrained supply of new property advancements in the location, we are certain that need for this new assignment will certainly be good. We are thrilled to be involved in the Jurong Lake District modification and expect developing an iconic development which caters to the today’s way of life demands of home purchasers,” says Tan Hwee Bin, executive supervisor of Wing Tai Holdings.
Based on an approximate estimation of the land price, this equates to approximately $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, with no including the extra terrace space.
According to a press release by Wing Tai on May 26, the planner wants to redevelop the place toward a housing development with more than 300 units. The style of the property will highlight the beachfront scenery of Jurong Lake and also the plant around the close-by Chinese and Japanese Gardens.