Collective sale tender for Lakepoint Condo closes without bids, enters private treaty

Lakepoint Condominium rests on a location spanning 562,286 sq ft and even makes up a total of 309 units. Based on the 2019 Master Plan, the spot has a plot ratio of 1.4 as well as is zoned for housing use. It has the potential to be redeveloped right into 860 different residence units, equating 915 sq ft each, based on the organizing authority’s permission.

The consolidated sale tender for Lakepoint Condominium – a 99-year leasehold project found in Jurong – has closed on June 8 without any proposals, according to marketing salesperson PropNex Realty.

Property Owners of Lakepoint Residence will definitely now enter into exclusive treaty arrangements with interested parties, mentions PropNex’s Goh. Under regulations controling shared sales, operators of the property development might take part in an exclusive treaty deal with a customer within 10 weeks from the tender closing period.

The purchase cost of Lakeside Apartments is about $33.88 million (14%) more than the $240 million get price listed when the 120-unit development was released for consolidated deal in March this year. Propnex was also the unique advertising representative for that bargain.

The development stands about 300m from Lakeside MRT Terminal on the East-West Line. It is likewise throughout walking range to Jurong Lake Gardens.

The building was introduced for collective profit on April 19 at a reserve fee of $640 million, which works out to an approximated land price of $959 to $982 psf per plot ratio (ppr), comprehensive of the development fee and lease top-up premium from JTC Corp

“While there was pursuit in the Lakepoint Condominium location amongst builders, we did not acquire a quote at the end of the cumulative sale tender,” expresses Tracy Goh, head of financial investment and also collective sales at PropNex.

Piccadilly Grand Northumberland Road

The tender closure for Lakepoint Condo arrives 2 weeks after Lakeside Apartments, another 99-year leasehold spot located in Jurong, was marketed to Wing Tai Holdings for $273.88 million. The land cost for the consolidated sale is approximated to be around $1,250 psf ppr to $1,260 psf ppr, without any including the reward patio location.