Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
The owners of Lakeside Apartments launched their first shared sale effort in 2018 with the same reserve cost of $240 million, which showed a land price of about $1,077 psf per plot ratio, after considering the lease top-up rates and enhancement cost.
“Given the constrained supply of new residential growths in the area, we are certain that need for this new project will certainly be solid. We are delighted to be part of the Jurong Lake District makeover and also look forward to building a well-known project which accommodates the today’s way of living demands of home purchasers,” says Tan Hwee Bin, executive director of Wing Tai Holdings.
Lakeside Apartments at 9E & 9F Yuan Ching Road lies around the border of Jurong Lake Gardens. The 134,177 sq ft location has a gross plot ratio of 2.1 under the most up to date master plan. The site is offered by the nearby Lakeside MRT Terminal on the East-West Line, and also has roadway connection with the Ayer Rajah Expressway and also the Pan Island Expressway. The spot is also within the Jurong Lake District, which has actually been named as a second CBD in Singapore by urban planners.
According to Tracy Goh, head of investment and shared sales at PropNex, the tender was “hotly disputed” due to the advancement’s attractive place in the Jurong location and potential expansion potential.
According to a release by Wing Tai on May 26, the developer wants to redevelop the place into a residential advancement with greater than 300 units. The design of the plan will feature the waterside scenery of Jurong Lake as well as the plant around the close-by Chinese as well as Japanese Gardens.
Based upon a near estimation of the land rate, this converts to approximately $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, with no consisting of the extra balcony spot.
“The relatively limited supply of new private property projects in the Lakeside area even more improved the appeal of this combined sale area, with planners anticipating healthy future demand for estates to be improved the plot,” she mentions.
The investment rate of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million reserve cost specified when the 120-unit improvement was introduced for collective deal in March this year. According to PropNex, each property owners stands to earn proceeds of $2.28 million from the transaction.
Leading real estate builder Wing Tai Holdings possesses won the tender for the cumulative sale of Lakeside Apartments in Jurong. The developer paid $273.88 million for the 99-year leasehold area. PropNex Real estate was the special advertising realtor for this combined sale.