Updates to planning parameters on Lakepoint Condominium collective sale site
URA has mentioned to the Lakepoint Condo Collective Sale Board that it is “prepared to ease off height controls for future projects on the area”, subject to situations as well as in-depth evaluation upon official preparation application, according to PropNex.
Lakepoint Residence, a 99-year leasehold development located on Lakepoint Drive in Jurong, was relaunched for cumulative sale on April 19. The earlier tender shut without bids, and PropNex has actually entered into exclusive treaty talks with engaged parties after the tender closed.
“We are heartened that the URA is prepared to relax the differing elevation controls. With several of the blocks going as high as 12 as well as 16 storeys, this will certainly record stunning views of the Jurong Lake Gardens in the new development,” states Tracy Goh, head of financial investment as well as cumulative sales at PropNex.
The current tender will close on July 22 at 2pm.
Along the southerly border block encountering landed homes, URA is prepared to relieve the existing five-storey level control to seven-storey for the blocks. For the north-east limit, blocks up to a height of 12 floors could be sustained, provided it does not exceed the elevation of the existing 12-storey block as well as a minimum obstacle of 10m from the usual limit with Caspian residence is implemented. URA has stated it is prepared to think about additional relaxation of the building level of approximately 16 storeys for the remaining blocks along the north/north-west limit, subject to a minimum 30m problem from the usual limit with Lakeholmz apartment.
PropNex Realty, the unique advertising representative of the Lakepoint Condo cumulative sale, has actually announced updates to the land planning criteria of the location in a press release on July 13, following URA’s reply.
Lakepoint Condominium has a place location of 562,286 sq ft and also is zoned for residential use, with a plot ratio of 1.4, under the URA Master Plan 2019. The property makes up 304 residential systems and also five store systems. It rises within strolling range of the Lakeside MRT Terminal. The area is also near the Jurong Lake Area, which will be the most extensive mixed-use downtown apart from the city centre. There are an overall of 2,652 property units within a 500m radius, of which 712 units are from the neighbouring Caspian.
JTC has actually additionally confirmed the development baseline, which translates to an approximated land rate of $988 psf per plot ratio, inclusive of the project price and also lease top-up costs.
The reserve price stays at $640 million.