Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The apartment was started for collective sale on April 19 at a reserve fee of $640 million, which calculates to an estimated land price of $959 to $982 psf per plot ratio (ppr), without exception of the property rate as well as lease top-up costs from JTC Corp
Lakepoint Condominium sits on a site covering 562,286 sq ft and consists of a total of 309 units. Based upon the 2019 Master Plan, the site has a plot ratio of 1.4 as well as is zoned for domestic usage. It features the potential to be redeveloped right into 860 new condominium units, averaging 915 sq ft each, based on the organizing authority’s consent.
“Whilst there was pursuit in the Lakepoint Condominium area among builders, we did not get a quote at the close of the collective sale tender,” says Tracy Goh, head of financial investment and shared sales at PropNex.
The consolidated sale tender for Lakepoint Apartment – a 99-year leasehold project located in Jurong – has closed on June 8 with no bids, according to marketing broker PropNex Realty.
The project lies regarding 300m from Lakeside MRT Terminal on the East-West Line. It is additionally found in walking range to Jurong Lake Gardens.
The purchase cost of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million get price listed when the 120-unit development was introduced for cumulative deal in March this year. Propnex was likewise the exclusive marketing broker for that special offer.
Proprietors of Lakepoint Apartment will now become part of private treaty arrangements with interested events, suggests PropNex’s Goh. Under regulations governing shared sales, managers of the project might possibly become part of an exclusive treaty contract with a purchaser within 10 weeks from the tender closing day.
The tender closure for Lakepoint Apartment comes two weeks after Lakeside Apartments, one more 99-year leasehold place located in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land fee for the shared sale is quoted to be about $1,250 psf ppr to $1,260 psf ppr, without any consisting of the bonus veranda location.