Updates to planning parameters on Lakepoint Condominium collective sale site
Lakepoint Condo, a 99-year leasehold development located on Lakepoint Drive in Jurong, was relaunched for combined sale on April 19. The earlier tender closed without proposals, and also PropNex has taken part in private treaty talks with interested parties after the tender sealed.
PropNex Realty, the exclusive advertising agent of the Lakepoint Condo cumulative sale, has actually revealed updates to the land planning criteria of the site in a news release on July 13, complying with URA’s reply.
URA has specified to the Lakepoint Condominium Collective Sale Board that it is “prepared to ease off height controls for future developments on the location”, subject to conditions and also comprehensive analysis upon conventional preparation application, according to PropNex.
JTC has actually additionally validated the project standard, which converts to a projected land rate of $988 psf per plot ratio, inclusive of the property cost as well as lease top-up costs.
The book rate continues to be at $640 million.
“We are heartened that the URA is prepared to relax the differing elevation controls. With a few of the blocks going as high as 12 as well as 16 storeys, this will certainly catch stunning sights of the Jurong Lake Gardens in the brand-new project,” states Tracy Goh, head of financial investment as well as cumulative sales at PropNex.
The present tender is going to end July 22 at 2pm.
Lakepoint Condo has a site location of 562,286 sq ft as well as is zoned for non commercial use, with a plot ratio of 1.4, under the URA Master Plan 2019. The project makes up 304 home systems as well as 5 shop units. It rises within strolling range of the Lakeside MRT Station. The site is additionally near the Jurong Lake District, which will be the best mixed-use enterprise zone apart from the city centre. There are an overall of 2,652 property units within a 500m distance, of which 712 units are from the adjoining Caspian.
Along the southerly limit block facing landed houses, URA is prepared to relax the existing five-storey height control to seven-storey for the blocks. For the north-east limit, blocks around an elevation of 12 storeys could be sustained, provided it does not go beyond the height of the existing 12-storey block and a smallest obstacle of 10m from the common limit with Caspian residence is enforced. URA has actually mentioned it is prepared to consider more leisure of the building level of up to 16 floors for the remaining blocks along the north/north-west limit, based on a minimum 30m trouble from the common border with Lakeholmz condo.
