Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The project stands concerning 300m from Lakeside MRT Station on the East-West Line. It is likewise throughout walking range to Jurong Lake Gardens.
Owners of Lakepoint Apartment will now join personal treaty negotiations with eager celebrations, suggests PropNex’s Goh. Under laws regulating shared sales, operators of the property development might possibly join a special treaty agreement with a buyer within 10 weeks from the tender closing date.
The property was launched for cumulative profit on April 19 at a reserve price of $640 million, which calculates to an approximated land rate of $959 to $982 psf per plot ratio (ppr), comprehensive of the development price and lease top-up costs from JTC Corp
Lakepoint Condo remains on a site spanning 562,286 sq ft and also consists of an overall of 309 units. Based on the 2019 Master Plan, the spot has a plot ratio of 1.4 and also is zoned for household use. It features the likely to get redeveloped into 860 different condo units, equating 915 sq ft each, subject to the planning authority’s consent.
The tender closure for Lakepoint Residence comes two weeks after Lakeside Apartments, another 99-year leasehold area situated in Jurong, was marketed to Wing Tai Holdings for $273.88 million. The land charge for the collective sale is determined to be about $1,250 psf ppr to $1,260 psf ppr, without consisting of the perk veranda location.
The acquisition rate of Lakeside Apartments has to do with $33.88 million (14%) greater than the $240 million reserve price listed when the 120-unit development was started for collective sale in March this year. Propnex was additionally the unique advertising agent for that deal.
“While there was attention in the Lakepoint Apartment site among constructors, we did not purchase a proposal at the close of the collective sale tender,” states Tracy Goh, head of investment as well as shared sales at PropNex.
The cumulative sale tender for Lakepoint Apartment – a 99-year leasehold property found in Jurong – has recently closed on June 8 with no proposals, according to marketing agent PropNex Realty.