Lakepoint Condominium enters private treaty negotiations process
Lakepoint Condo ceased its en bloc sales tender with offers falling short of its minimum pricing and has actually now gone into the exclusive arrangement agreement process, mentioned The Business Times citing PropNex Realty.
The 309-unit property development was commenced for en-bloc sale on 21Oct 2K21 bring a hold amount of $6hundred 40 mil.
PropNex Head of I and CS Tracy Goh consider the Ten week private treaty agreement procedure are going to provide attracted parties “plenty of time” to go over their plannings and also methods, provided the updated housing cooling strategies.
” We continue being cautiously encouraging relating to the cumulative sale bid offered the captivating plot area and the limited updated private property supply in the proximate vicinities.”
The govt presented new real estate cooling down procedures on 16 December, which include more costly ABSD premiums, to hold down the exhilaration inside the real estate market.
With the brand new steps, property developers encounter an ABSD premium of Thirty Fivepercentage, raise from 25 percentage prior. BT mentioned that property analyzers predict property developers to be much more careful for their land attainments and the enbloc sale buzz to wane out.
Lakepoint Condominium is a 99 yr leasehold project in which holds over 5hundred 62thousand 2hundred 86 sq ft. Placed alongside Jurong Lake Area plus Lakeside Mass Rapid Transit terminal, the site is region for Non commercial usage underneath the 2019 Masterplan holding a PR of 1.4.
