Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil

The owners of Lakeside Apartments introduced their initial combined sale effort in 2018 with the same reserve price of $240 million, which mirrored a land rate of around $1,077 psf per plot ratio, following factoring in the rental top-up fee and improvement cost.

According to Tracy Goh, head of investment and shared sales at PropNex, the tender was “fiercely opposed” because of the advancement’s appealing place in the Jurong place as well as long term development possibility.

Lakeside Apartments at 9E & 9F Yuan Ching Road stands around the edge of Jurong Lake Gardens. The 134,177 sq ft location has a gross plot ratio of 2.1 under the most recent master plan. The place is presented by the neighboring Lakeside MRT Terminal on the East-West Line, and also has roadway connectivity through the Ayer Rajah Expressway and the Frying Pan Island Expressway. The area is likewise inside the Jurong Lake District, which has been named as a 2nd CBD in Singapore by urban planners.

Based upon a close calculation of the land cost, this equates to about $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, without including the extra terrace area.

Leading realty constructor Wing Tai Holdings has won the tender for the combined sale of Lakeside Apartments in Jurong. The developer paid $273.88 million for the 99-year leasehold place. PropNex Real estate was the special marketing agent for this collective profit.

Piccadilly Grand City Development (CDL) and MCL Land

According to a press release by Wing Tai on May 26, the developer wants to redevelop the location into a residential growth with greater than 300 units. The design of the project will certainly highlight the waterside views of Jurong Lake and also the plant around the adjacent Chinese as well as Japanese Gardens.

“The relatively restricted supply of new private domestic properties in the Lakeside spot even more enhanced the allure of this shared sale spot, with planners anticipating strong future demand for apartments to be improved the plot,” she says.

“Given the minimal supply of new domestic growths in the area, we are confident that demand for this new property will certainly be strong. We are delighted to be part of the Jurong Lake District transformation as well as expect building a famous development which caters to the cutting-edge way of life demands of house customers,” claims Tan Hwee Bin, executive supervisor of Wing Tai Holdings.

The acquisition rate of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million reserve price provided when the 120-unit expansion was released for collective purchase in March this year. According to PropNex, each property owners stands to acquire earnings of $2.28 million from the purchase.