Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The shared sale tender for Lakepoint Condo – a 99-year leasehold development located in Jurong – has certainly closed on June 8 with no proposals, according to promotion agent PropNex Realty.
The purchase cost of Lakeside Apartments has to do with $33.88 million (14%) greater than the $240 million reserve price listed when the 120-unit project was launched for shared sale in March this year. Propnex was likewise the special marketing representative for that bargain.
. Property Owners of Lakepoint Condo will now participate in private treaty arrangements with interested celebrations, says PropNex’s Goh. Under laws supervising collective sales, owners of the property can enter into an exclusive treaty contract with a purchaser within 10 weeks from the tender closing date.
The tender closure for Lakepoint Residence arrives 2 weeks after Lakeside Apartments, one more 99-year leasehold place found in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land cost for the shared sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, without consisting of the incentive terrace area.
Lakepoint Condo sits on a site spanning 562,286 sq ft and comprises a total of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 and is zoned for housing usage. It features the potential to be redeveloped right into 860 new condominium units, balancing 915 sq ft each, based on the preparation authority’s consent.
“Whilst there was pursuit in the Lakepoint Condominium location amongst constructors, we did not obtain a quote at the end of the consolidated sale tender,” expresses Tracy Goh, head of financial investment and consolidated sales at PropNex.
The apartment was released for cumulative sale on April 19 at a reservation rate of $640 million, which calculates to an expected land price of $959 to $982 psf per plot ratio (ppr), without exception of the property charge and lease top-up costs from JTC Corp
The development stands about 300m from Lakeside MRT Terminal on the East-West Line. It is also found in strolling distance to Jurong Lake Gardens.