Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
Lakepoint Residence remains on a location covering 562,286 sq ft and even makes up a total amount of 309 units. Based on the 2019 Master Plan, the spot has a plot ratio of 1.4 and also is zoned for housing usage. It gets the potential to get redeveloped right into 860 new condominium units, balancing 915 sq ft each, based on the organizing authority’s confirmation.
The residence was opened for shared sale on April 19 at a reservation fee of $640 million, which calculates to a projected land price of $959 to $982 psf per plot ratio (ppr), without exception of the project fee as well as lease top-up costs from JTC Corp
The project stands regarding 300m from Lakeside MRT Station on the East-West Line. It is additionally within walking proximity to Jurong Lake Gardens.
The tender closure for Lakepoint Condominium comes two weeks after Lakeside Apartments, one more 99-year leasehold area situated in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land cost for the collective revenue is quoted to be around $1,250 psf ppr to $1,260 psf ppr, without any including the bonus offer terrace location.
. Proprietors of Lakepoint Residence will definitely now enter into exclusive treaty negotiations with eager events, says PropNex’s Goh. Under laws regulating shared sales, owners of the property may join a private treaty arrangement with an investor within 10 weeks from the tender closing date.
“While there was pursuit in the Lakepoint Condo location among constructors, we did not purchase a quote at the close of the consolidated sale tender,” claims Tracy Goh, head of financial investment and also shared sales at PropNex.
The consolidated sale tender for Lakepoint Apartment – a 99-year leasehold project situated in Jurong – has closed on June 8 without any tenders, according to marketing strategy representative PropNex Realty.
The acquisition cost of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million get price listed when the 120-unit property development was introduced for consolidated sale in March this year. Propnex was likewise the exclusive advertising representative for that special offer.
