Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The shared sale tender for Lakepoint Residence – a 99-year leasehold property positioned in Jurong – has recently closed on June 8 with no tenders, according to marketing representative PropNex Realty.
The real estate was started for shared sale on April 19 at a reservation price of $640 million, which works out to a projected land price of $959 to $982 psf per plot ratio (ppr), without exception of the development fee and lease top-up premium from JTC Corp
Property Owners of Lakepoint Condo will definitely now enter into private treaty arrangements with interested events, claims PropNex’s Goh. Under regulations controling shared sales, managers of the property may become part of a nonpublic treaty commitment with an investor in just 10 weeks from the tender closing date.
The tender closure for Lakepoint Residence comes two weeks after Lakeside Apartments, one more 99-year leasehold spot situated in Jurong, was marketed to Wing Tai Holdings for $273.88 million. The land price for the cumulative sale is approximated to be around $1,250 psf ppr to $1,260 psf ppr, after including the reward terrace location.
Lakepoint Apartment sits on a location spanning 562,286 sq ft and even makes up an overall of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 and is zoned for home use. It features the possible to get redeveloped into 860 new condominium units, balancing 915 sq ft each, based on the planning authority’s confirmation.
The acquisition fee of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million get price listed when the 120-unit development was launched for collective transaction in March this year. Propnex was also the special advertising broker for that transaction.
“While there was interest in the Lakepoint Condo area amongst builders, we did not obtain a quote at the end of the cumulative sale tender,” mentions Tracy Goh, head of investment as well as collective sales at PropNex.
The development stands concerning 300m from Lakeside MRT Station on the East-West Line. It is likewise found in strolling distance to Jurong Lake Gardens.
