Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The collective sale tender for Lakepoint Condominium – a 99-year leasehold property development placed in Jurong – has closed on June 8 with no bids, according to marketing strategy agent PropNex Realty.
The acquisition cost of Lakeside Apartments has to do with $33.88 million (14%) higher than the $240 million get price listed when the 120-unit development was started for consolidated deal in March this year. Propnex was likewise the exclusive promotion representative for that offer.
The development stands concerning 300m from Lakeside MRT Station on the East-West Line. It is additionally found in walking distance to Jurong Lake Gardens.
Lakepoint Residence rests on a location spanning 562,286 sq ft and even makes up a total amount of 309 units. Based upon the 2019 Master Plan, the site has a plot ratio of 1.4 as well as is zoned for residential use. It gets the potential to get redeveloped into 860 all new condominium units, averaging 915 sq ft each, subject to the planning authority’s permission.
The building was launched for cumulative revenue on April 19 at a reserve rate of $640 million, which works out to an approximated land price of $959 to $982 psf per plot ratio (ppr), inclusive of the project rate as well as lease top-up premium from JTC Corp
“Whilst there was pursuit in the Lakepoint Residence site amongst developers, we did not obtain a proposal at the close of the shared sale tender,” claims Tracy Goh, head of financial investment and also collective sales at PropNex.
Proprietors of Lakepoint Apartment will definitely now enter into exclusive treaty arrangements with interested events, suggests PropNex’s Goh. Under laws controling consolidated sales, operators of the development might enter into a special treaty arrangement with a customer within 10 weeks from the tender closing day.
The tender closure for Lakepoint Residence comes two weeks after Lakeside Apartments, an additional 99-year leasehold spot located in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land rate for the collective revenue is determined to be around $1,250 psf ppr to $1,260 psf ppr, after consisting of the benefit balcony area.