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

Lakepoint Condo sits on a site spanning 562,286 sq ft and makes up a total amount of 309 units. Based upon the 2019 Master Plan, the site has a plot ratio of 1.4 and is zoned for home usage. It has the potential to be redeveloped right into 860 all new residence units, averaging 915 sq ft each, subject to the planning authority’s permission.

“Whilst there was interest in the Lakepoint Condominium area amongst developers, we did not purchase a bid at the end of the cumulative sale tender,” states Tracy Goh, head of financial investment and also collective sales at PropNex.

The property was introduced for cumulative profit on April 19 at a reservation price of $640 million, which works out to an approximated land price of $959 to $982 psf per plot ratio (ppr), without exception of the property fee as well as lease top-up costs from JTC Corp

Owners of Lakepoint Condominium will definitely now take part in exclusive treaty settlements with interested celebrations, suggests PropNex’s Goh. Under laws managing collective sales, proprietors of the development can enter into an exclusive treaty deal with a buyer in just 10 weeks from the tender closing period.

Sky Eden condominium

The tender closure for Lakepoint Condo arrives two weeks after Lakeside Apartments, an additional 99-year leasehold site found in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land rate for the consolidated revenue is determined to be about $1,250 psf ppr to $1,260 psf ppr, without consisting of the reward terrace area.

The project stands about 300m from Lakeside MRT Station on the East-West Line. It is also throughout walking distance to Jurong Lake Gardens.

The purchase rate of Lakeside Apartments is about $33.88 million (14%) more than the $240 million get price listed when the 120-unit property development was started for collective sale in March this year. Propnex was additionally the special marketing broker for that transaction.

The shared sale tender for Lakepoint Apartment – a 99-year leasehold project situated in Jurong – has certainly closed on June 8 with no bids, according to sales agent PropNex Realty.

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