Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
“Whilst there was interest in the Lakepoint Residence site among developers, we did not obtain a proposal at the close of the consolidated sale tender,” mentions Tracy Goh, head of investment as well as cumulative sales at PropNex.
Proprietors of Lakepoint Condominium will definitely now enter into personal treaty arrangements with eager events, says PropNex’s Goh. Under regulations regulating shared sales, managers of the property might possibly take part in a private treaty contract with an investor within 10 weeks from the tender closing period.
The tender closure for Lakepoint Residence comes two weeks after Lakeside Apartments, one more 99-year leasehold site positioned in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land charge for the consolidated sale is approximated to be around $1,250 psf ppr to $1,260 psf ppr, without any including the reward terrace location.
The cumulative sale tender for Lakepoint Condominium – a 99-year leasehold project located in Jurong – has closed on June 8 without any quotes, according to promotion broker PropNex Realty.
The real estate was started for collective profit on April 19 at a reserve cost of $640 million, which works out to an estimated land price of $959 to $982 psf per plot ratio (ppr), comprehensive of the development charge and also lease top-up costs from JTC Corp
The project lies concerning 300m from Lakeside MRT Station on the East-West Line. It is also throughout strolling proximity to Jurong Lake Gardens.
The purchase fee of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million get price listed when the 120-unit development was introduced for cumulative sale in March this year. Propnex was also the special advertising agent for that special offer.
Lakepoint Condo sits on an area spanning 562,286 sq ft and also makes up a total amount of 309 units. Based on the 2019 Master Plan, the site has a plot ratio of 1.4 and also is zoned for housing usage. It has the possible to get redeveloped into 860 new residence units, equating 915 sq ft each, subject to the preparation authority’s consent.