Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
Lakeside Apartments at 9E & 9F Yuan Ching Road is located around the edge of Jurong Lake Gardens. The 134,177 sq ft website has a gross plot ratio of 2.1 under the most up to date master plan. The location is offered by the neighboring Lakeside MRT Terminal on the East-West Line, and has road connection with the Ayer Rajah Expressway and also the Pan Island Expressway. The site is likewise inside the Jurong Lake District, which has been earmarked as a 2nd CBD in Singapore by metropolitan organizers.
“The fairly restricted supply of new private residential properties in the Lakeside region additionally boosted the appeal of this collective sale spot, with builders anticipating healthy future need for homes to be improved the plot,” she mentions.
According to a press release by Wing Tai on May 26, the creator aims to redevelop the area into a residential development with more than 300 units. The design of the project will certainly highlight the beachfront scenery of Jurong Lake and also the plant around the adjacent Chinese and also Japanese Gardens.
According to Tracy Goh, head of expenditure and cumulative sales at PropNex, the tender was “hotly contested” because of the advancement’s appealing place in the Jurong region and also long term development possibility.
The owners of Lakeside Apartments released their initial cumulative 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, following factoring in the contract top-up rates and also enhancement charge.
“Given the restricted supply of new residential growths in the location, we are confident that demand for this new assignment will certainly be good. We are thrilled to be part of the Jurong Lake District change and expect building a famous project which caters to the cutting-edge way of living desires of residence customers,” mentions Tan Hwee Bin, executive supervisor of Wing Tai Holdings.
The purchase rate of Lakeside Apartments has to do with $33.88 million (14%) higher than the $240 million reserve cost listed when the 120-unit project was opened for shared purchase in March this year. According to PropNex, every proprietors stands to receive earnings of $2.28 million from the purchase.
Leading property builder Wing Tai Holdings has won the tender for the combined sale of Lakeside Apartments in Jurong. The builder paid $273.88 million for the 99-year leasehold place. PropNex Realty was the unique advertising broker for this combined profit.
Based on a relative estimation of the land rate, this turns to approximately $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, after consisting of the additional balcony spot.