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

The purchase fee of Lakeside Apartments has to do with $33.88 million (14%) higher than the $240 million book price listed when the 120-unit property development was released for shared sale in March this year. Propnex was also the unique advertising agent for that special offer.

The development is located concerning 300m from Lakeside MRT Terminal on the East-West Line. It is also found in walking range to Jurong Lake Gardens.

The apartment was started for collective sale on April 19 at a reserve fee of $640 million, which calculates to a projected land rate of $959 to $982 psf per plot ratio (ppr), comprehensive of the project charge as well as lease top-up costs from JTC Corp

Lakepoint Condo sits on an area extending 562,286 sq ft and makes up a total of 309 units. Based on the 2019 Master Plan, the site has a plot ratio of 1.4 and also is zoned for residential use. It features the potential to get redeveloped right into 860 all new condo units, averaging 915 sq ft each, based on the organizing authority’s permission.

Pollen Collection Singapore

“While there was attention in the Lakepoint Condominium site among developers, we did not purchase a proposal at the end of the consolidated sale tender,” states Tracy Goh, head of financial investment and cumulative sales at PropNex.

The collective sale tender for Lakepoint Apartment – a 99-year leasehold property development positioned in Jurong – has closed on June 8 with no proposals, according to advertising representative PropNex Realty.

The tender closure for Lakepoint Condo arrives two weeks after Lakeside Apartments, one more 99-year leasehold area found in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land rate for the collective sale is determined to be around $1,250 psf ppr to $1,260 psf ppr, after consisting of the bonus veranda area.

. Proprietors of Lakepoint Condominium will definitely now take part in personal treaty settlements with eager parties, suggests PropNex’s Goh. Under laws controling shared sales, operators of the project might possibly join a special treaty deal with a buyer in just 10 weeks from the tender closing date.

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