Updates to planning parameters on Lakepoint Condominium collective sale site
Lakepoint Residence, a 99-year leasehold property situated on Lakepoint Drive in Jurong, was relaunched for cumulative sale on April 19. The earlier tender shut without bids, and PropNex has entered into private treaty discussions with engaged parties after the tender finalized.
URA has actually stated to the Lakepoint Condominium Collective Sale Committee that it is “prepared to loosen up elevation controls for future projects on the location”, subject to situations and thorough evaluation upon conventional preparation application, according to PropNex.
“We are heartened that the URA is prepared to relax the differing elevation controls. With some of the blocks going as high as 12 as well as 16 storeys, this will capture stunning sights of the Jurong Lake Gardens in the new project,” states Tracy Goh, head of investment as well as collective sales at PropNex.
PropNex Real estate, the special marketing representative of the Lakepoint Residence cumulative sale, has revealed updates to the land planning criteria of the location in an announcement on July 13, following URA’s reply.
Lakepoint Condominium has a place location of 562,286 sq ft and also is zoned for property usage, with a plot ratio of 1.4, under the URA Master Plan 2019. The development comprises 304 domestic units as well as five store devices. It is located within strolling distance of the Shore MRT Terminal. The area is additionally near the Jurong Lake District, which will be the best mixed-use downtown outside the city centre. There are an overall of 2,652 domestic units within a 500m distance, of which 712 units are from the neighbouring Caspian.
JTC has also confirmed the project base line, which converts to an approximated land rate of $988 psf per plot ratio, inclusive of the property fee as well as lease top-up costs.
The get price stays at $640 million.
The present tender will end July 22 at 2pm.
Along the southerly border block encountering landed houses, URA is prepared to relax the existing five-storey height control to seven-storey for the blocks. For the north-east boundary, blocks as much as a height of 12 storeys could be sustained, ensured it does not exceed the height of the existing 12-storey block and a minimum trouble of 10m from the usual limit with Caspian condo is applied. URA has actually stated it is prepared to consider additional leisure of the structure elevation of as much as 16 floors for the continuing to be blocks along the north/north-west boundary, subject to a minimal 30m problem from the usual boundary with Lakeholmz residence.