Collective sale tender for Lakepoint Condo closes without bids, enters private treaty

The consolidated sale tender for Lakepoint Condominium – a 99-year leasehold project positioned in Jurong – has recently closed on June 8 with no quotes, according to marketing strategy salesperson PropNex Realty.

The purchase fee of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million reserve price listed when the 120-unit development was started for collective sale in March this year. Propnex was likewise the unique marketing broker for that bargain.

“Whilst there was attention in the Lakepoint Apartment site amongst developers, we did not purchase a quote at the end of the cumulative sale tender,” mentions Tracy Goh, head of financial investment as well as collective sales at PropNex.

The real estate was started for consolidated revenue 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 fee and also lease top-up premium from JTC Corp

The tender closure for Lakepoint Apartment comes 2 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 cost for the collective revenue is approximated to be about $1,250 psf ppr to $1,260 psf ppr, without any including the perk porch area.

Lakepoint Condominium remains on a location spanning 562,286 sq ft and even consists of a total of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 as well as is zoned for household usage. It gets the prospective to get redeveloped into 860 all new residence units, averaging 915 sq ft each, based on the organizing authority’s permission.

The project is located concerning 300m from Lakeside MRT Terminal on the East-West Line. It is also within strolling range to Jurong Lake Gardens.

Perfect Ten Condo floor plan

Owners of Lakepoint Apartment will now take part in personal treaty settlements with interested events, says PropNex’s Goh. Under regulations managing cumulative sales, operators of the project can take part in a private treaty arrangement with a customer in just 10 weeks from the tender closing date.

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