Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The collective sale tender for Lakepoint Condominium – a 99-year leasehold property placed in Jurong – has recently closed on June 8 without any quotes, according to marketing representative PropNex Realty.
The building was launched for collective profit on April 19 at a reserve value of $640 million, which calculates to an expected land rate of $959 to $982 psf per plot ratio (ppr), comprehensive of the project price and lease top-up costs from JTC Corp
The purchase rate of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million get price listed when the 120-unit project was introduced for collective transaction in March this year. Propnex was additionally the exclusive promotion agent for that bargain.
“While there was interest in the Lakepoint Apartment area among builders, we did not get a proposal at the end of the consolidated sale tender,” claims Tracy Goh, head of financial investment and also collective sales at PropNex.
Proprietors of Lakepoint Condominium will definitely now become part of private treaty arrangements with interested celebrations, states PropNex’s Goh. Under regulations supervising cumulative sales, proprietors of the development can take part in a nonpublic treaty agreement with a purchaser within 10 weeks from the tender closing day.
Lakepoint Condominium remains on a location covering 562,286 sq ft and makes up an overall of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 and also is zoned for household usage. It features the potential to be redeveloped right into 860 different apartment units, equating 915 sq ft each, based on the organizing authority’s authorization.
The tender closure for Lakepoint Apartment arrives two weeks after Lakeside Apartments, another 99-year leasehold site positioned in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land rate for the collective revenue is estimated to be around $1,250 psf ppr to $1,260 psf ppr, after consisting of the bonus veranda location.
The development stands about 300m from Lakeside MRT Terminal on the East-West Line. It is also throughout strolling range to Jurong Lake Gardens.