Lakepoint Condominium enters private treaty negotiations process
Lakepoint Condominium ceased its cumulative transactions bid with submissions dipping under of its own reserve value and has recently now entered into the exclusive treaty discussions process, published BT quoting PropNex Realty.
The 309-unit property development was commenced for en-bloc transaction on 21October ’21 carrying a hold price of $6hundred 40 million.
PropNex Chief of Investment and Collective Sales Tracy Goh believe the 10-week exclusive treaty negotiation approach are going to offer attracted individuals “adequate moment” to go over their strategies and methods, granted the new housing cooling down procedures.
” We stand meticulously encouraging concerning the en-bloc transaction tender delivered the appealing site location furthermore the restricted brand-new confidential property supply in the nearby areas.”
The government launched brand-new property cooling down steps on 16December, include increased ABSD costs, to curb the vitality amongst the property market.
With the brand new procedures, developers face an Additional Buyer’s Stamp Duty rates of 35%, rise from Twenty Five percent prior. BT mentioned that residence experts anticipate developers to be far more aware for their land gains and the en bloc sale buzz to fizzle out.
Lakepoint Condo is a 99 yrs rent term project in which occupies accross Five hundred Sixty Two thousand Two hundred Eighty Six sq ft. Located alongside Jurong Lake Area and Lakeside MRT station, the location is sectioned for Non commercial purpose under the 2019 Masterplan carrying a land ratio of One point Four.
