Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
The purchase price of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million reserve price listed when the 120-unit expansion was launched for shared purchase in March this year. According to PropNex, every proprietors stands to receive earnings of $2.28 million from the deal.
Lakeside Apartments at 9E & 9F Yuan Ching Road is located along the border of Jurong Lake Gardens. The 134,177 sq ft site has a gross plot ratio of 2.1 under the current master plan. The location is served by the neighboring Lakeside MRT Terminal on the East-West Line, and also has roadway connection with the Ayer Rajah Expressway and also the Pan Island Expressway. The spot is also within the Jurong Lake Area, which has actually been tagged as a second CBD in Singapore by metropolitan coordinators.
“The relatively restricted supply of new private domestic projects in the Lakeside place additionally enhanced the appeal of this combined sale site, with developers anticipating strong future demand for residences to be improved the plot,” she mentions.
The proprietors of Lakeside Apartments launched their 1st collective sale effort in 2018 with the same reserve rate of $240 million, which reflected a land rate of around $1,077 psf per plot ratio, shortly after factoring in the rent top-up costs and expansion fee.
“Given the small supply of new home developments in the area, we are certain that need for this new property will certainly be solid. We are thrilled to be part of the Jurong Lake District transformation as well as eagerly anticipate constructing an iconic project which accommodates the modern way of living requirements of property buyers,” states Tan Hwee Bin, executive director of Wing Tai Holdings.
According to a press release by Wing Tai on May 26, the planner means to redevelop the website into a housing advancement with more than 300 units. The layout of the plan will certainly highlight the beachfront sights of Jurong Lake as well as the plant around the surrounding Chinese and Japanese Gardens.
Leading property builder Wing Tai Holdings possesses won the tender for the collective sale of Lakeside Apartments in Jurong. The developer paid $273.88 million for the 99-year leasehold place. PropNex Real estate was the exclusive advertising realtor for this combined deal.
Based upon an approximate calculation of the land price, this equates to about $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, with no including the extra balcony area.
According to Tracy Goh, head of expenditure as well as combined sales at PropNex, the tender was “fiercely opposed” due to the advancement’s enticing place in the Jurong place and long term expansion possibility.