Updates to planning parameters on Lakepoint Condominium collective sale site
Lakepoint Condo, a 99-year leasehold development located on Lakepoint Drive in Jurong, was relaunched for cumulative sale on April 19. The earlier tender closed without bids, and also PropNex has entered into private treaty talks with engaged parties after the tender sealed.
Along the southern border block facing landed residences, URA is prepared to relax the existing five-storey elevation control to seven-storey for the blocks. For the north-east border, blocks up to an elevation of 12 floors could be supported, ensured it does not exceed the elevation of the existing 12-storey block and a minimum trouble of 10m from the usual limit with Caspian residence is enforced. URA has mentioned it is prepared to take into consideration more leisure of the structure level of approximately 16 floors for the staying blocks along the north/north-west boundary, subject to a minimal 30m setback from the common limit with Lakeholmz condo.
Lakepoint Condo has a site area of 562,286 sq ft and also is zoned for residential usage, with a plot ratio of 1.4, under the URA Master Plan 2019. The project consists of 304 home devices as well as five shop devices. It rises within strolling range of the Shore MRT Terminal. The area is also near the Jurong Lake Area, which will certainly be the largest mixed-use downtown outside the city centre. There are a total of 2,652 residential units within a 500m distance, of which 712 units are from the neighbouring Caspian.
JTC has additionally validated the development standard, which translates to an approximated land price of $988 psf per plot ratio, inclusive of the property charge and lease top-up premium.
The book price remains at $640 million.
URA has actually mentioned to the Lakepoint Condominium Collective Sale Board that it is “prepared to relieve elevation controls for future developments on the area”, based on problems and detailed examination upon conventional preparation application, according to PropNex.
The current tender will end July 22 at 2pm.
PropNex Real estate, the special advertising agent of the Lakepoint Residence collective sale, has introduced updates to the land preparation parameters of the site in a news release on July 13, following URA’s reply.
“We are heartened that the URA is prepared to loosen up the varying elevation controls. With some of the blocks going as high as 12 and also 16 storeys, this will certainly catch stunning views of the Jurong Lake Gardens in the brand-new development,” states Tracy Goh, head of financial investment and also cumulative sales at PropNex.