Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The purchase rate of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million get price listed when the 120-unit development was launched for shared transaction in March this year. Propnex was also the special marketing broker for that special offer.
The development lies about 300m from Lakeside MRT Terminal on the East-West Line. It is also within strolling proximity to Jurong Lake Gardens.
The building was introduced for consolidated profit on April 19 at a reservation fee of $640 million, which works out to an expected land price of $959 to $982 psf per plot ratio (ppr), comprehensive of the project expense and also lease top-up costs from JTC Corp
. Property Owners of Lakepoint Condo will now become part of private treaty settlements with interested parties, says PropNex’s Goh. Under regulations regulating shared sales, managers of the project can enter into a nonpublic treaty contract with a customer in just 10 weeks from the tender closing period.
The tender closure for Lakepoint Apartment comes 2 weeks after Lakeside Apartments, another 99-year leasehold place located in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land price for the consolidated sale is determined to be about $1,250 psf ppr to $1,260 psf ppr, after including the incentive terrace area.
“Whilst there was attention in the Lakepoint Apartment site amongst developers, we did not get a quote at the close of the shared sale tender,” mentions Tracy Goh, head of investment and also consolidated sales at PropNex.
Lakepoint Condominium sits on an area extending 562,286 sq ft and also 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 house use. It features the possible to be redeveloped into 860 different residence units, equating 915 sq ft each, subject to the preparation authority’s permission.
The collective sale tender for Lakepoint Residence – a 99-year leasehold development positioned in Jurong – has closed on June 8 with no tenders, according to marketing strategy representative PropNex Realty.