Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The tender closure for Lakepoint Apartment comes 2 weeks after Lakeside Apartments, one more 99-year leasehold place situated in Jurong, was marketed to Wing Tai Holdings for $273.88 million. The land price for the consolidated sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, after consisting of the bonus patio location.
The development stands concerning 300m from Lakeside MRT Station on the East-West Line. It is likewise throughout strolling distance to Jurong Lake Gardens.
The purchase cost of Lakeside Apartments has to do with $33.88 million (14%) greater than the $240 million get price listed when the 120-unit project was introduced for shared sale in March this year. Propnex was likewise the unique promotion representative for that offer.
“While there was pursuit in the Lakepoint Residence location among constructors, we did not purchase a quote at the end of the consolidated sale tender,” states Tracy Goh, head of financial investment and consolidated sales at PropNex.
Proprietors of Lakepoint Apartment will now participate in personal treaty negotiations with interested parties, suggests PropNex’s Goh. Under laws supervising consolidated sales, proprietors of the development might possibly take part in a special treaty commitment with a buyer within 10 weeks from the tender closing day.
The property was released for collective revenue on April 19 at a reservation cost of $640 million, which works out to a projected land price of $959 to $982 psf per plot ratio (ppr), inclusive of the project fee and also lease top-up premium from JTC Corp
The collective sale tender for Lakepoint Residence – a 99-year leasehold property found in Jurong – has recently closed on June 8 without any proposals, according to promotion salesperson PropNex Realty.
Lakepoint Apartment sits on a location covering 562,286 sq ft and also consists of a total amount of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 and also is zoned for home usage. It features the prospective to be redeveloped into 860 all new condo units, balancing 915 sq ft each, subject to the preparation authority’s permission.