Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The shared sale tender for Lakepoint Residence – a 99-year leasehold project situated in Jurong – has closed on June 8 with no bids, according to marketing salesperson PropNex Realty.
The building was opened for cumulative revenue on April 19 at a reserve cost of $640 million, which calculates to an expected land price of $959 to $982 psf per plot ratio (ppr), comprehensive of the project expense and also lease top-up premium from JTC Corp.
The purchase fee of Lakeside Apartments is about $33.88 million (14%) more than the $240 million book price listed when the 120-unit property development was introduced for consolidated deal in March this year. Propnex was additionally the special advertising representative for that offer.
The tender closure for Lakepoint Apartment comes 2 weeks after Lakeside Apartments, one more 99-year leasehold area found in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land fee for the shared sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, without any consisting of the bonus balcony location.
The development stands concerning 300m from Lakeside MRT Station on the East-West Line. It is additionally found in walking distance to Jurong Lake Gardens.
“While there was attention in the Lakepoint Residence location amongst developers, we did not acquire a proposal at the end of the consolidated sale tender,” mentions Tracy Goh, head of investment and also shared sales at PropNex.
Proprietors of Lakepoint Residence will definitely now join personal treaty settlements with eager celebrations, mentions PropNex’s Goh. Under laws governing cumulative sales, proprietors of the property might enter into a special treaty arrangement with a customer in just 10 weeks from the tender closing day.
Lakepoint Condominium remains on an area spanning 562,286 sq ft and even comprises a total amount of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 and is zoned for house usage. It has the likely to get redeveloped right into 860 new apartment units, equating 915 sq ft each, based on the planning authority’s authorization.
