Updates to planning parameters on Lakepoint Condominium collective sale site
URA has actually mentioned to the Lakepoint Condominium Collective Sale Board that it is “prepared to relieve elevation controls for future properties on the area”, based on conditions and thorough evaluation upon formal planning application, according to PropNex.
JTC has additionally verified the property base line, which converts to an estimated land price of $988 psf per plot ratio, inclusive of the development price and lease top-up costs.
The booking price stays at $640 million.
PropNex Real estate, the exclusive advertising agent of the Lakepoint Residence collective sale, has actually publicized updates to the land preparation specifications of the site in a news release on July 13, complying with URA’s reply.
Lakepoint Condominium has a site area of 562,286 sq ft and also is zoned for non commercial use, with a plot ratio of 1.4, under the URA Master Plan 2019. The property makes up 304 property units as well as five shop systems. It lies within strolling distance of the Lakeside MRT Terminal. The site is likewise near the Jurong Lake Area, which will certainly be the most extensive mixed-use business district outside the city centre. There are a total amount of 2,652 household units within a 500m distance, of which 712 units are from the adjoining Caspian.
Along the southern boundary block encountering landed properties, URA is prepared to relax the existing five-storey height control to seven-storey for the blocks. For the north-east border, blocks up to an elevation of 12 floors could be sustained, provided it does not exceed the elevation of the existing 12-storey block as well as a smallest obstacle of 10m from the common border with Caspian condominium is implemented. URA has specified it is prepared to take into consideration more leisure of the building elevation of as much as 16 storeys for the remaining blocks along the north/north-west limit, subject to a minimal 30m obstacle from the common border with Lakeholmz apartment.
The current tender is going to end July 22 at 2pm.
Lakepoint Condominium, a 99-year leasehold development situated on Lakepoint Drive in Jurong, was relaunched for collective sale on April 19. The earlier tender shut without proposals, and also PropNex has entered into exclusive treaty discussions with engaged parties after the tender closed.
“We are heartened that the URA is prepared to unwind the varying height controls. With some 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 new property,” claims Tracy Goh, head of financial investment as well as collective sales at PropNex.