Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
The investment rate of Lakeside Apartments is about $33.88 million (14%) more than the $240 million reserve price specified when the 120-unit expansion was released for shared deal in March this year. According to PropNex, each owners stands to earn proceeds of $2.28 million from the deal.
Based on a close calculation of the land cost, this translates to about $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, with no consisting of the extra veranda space.
According to Tracy Goh, head of investment and also combined sales at PropNex, the tender was “fiercely objected to” because of the advancement’s enticing area in the Jurong area and also future improvement possibility.
Lakeside Apartments at 9E & 9F Yuan Ching Road is located along the side of Jurong Lake Gardens. The 134,177 sq ft spot has a gross plot ratio of 2.1 under the current master plan. The location is offered by the close-by Lakeside MRT Terminal on the East-West Line, as well as has road connectivity with the Ayer Rajah Expressway and also the Frying Pan Island Expressway. The spot is also within the Jurong Lake District, which has actually been tagged as a second CBD in Singapore by city organizers.
“Given the restricted supply of new home developments in the area, we are certain that demand for this new property will be solid. We are delighted to be involved in the Jurong Lake District improvement and also expect developing a famous project which satisfies the cutting-edge lifestyle requirements of property customers,” mentions Tan Hwee Bin, executive director of Wing Tai Holdings.
The owners of Lakeside Apartments released their initial collective sale pursuit in 2018 with the exact same reserve price of $240 million, which showed a land price of around $1,077 psf per plot ratio, right after considering the contract top-up premium and development fee.
According to a release by Wing Tai on May 26, the planner plans to redevelop the place into a home advancement with greater than 300 units. The layout of the property will highlight the waterfront scenery of Jurong Lake as well as the greenery around the adjacent Chinese and also Japanese Gardens.
Leading real estate developer Wing Tai Holdings has won the tender for the cumulative sale of Lakeside Apartments in Jurong. The constructor paid $273.88 million for the 99-year leasehold site. PropNex Realty was the unique advertising representative for this shared sale.
“The relatively restricted supply of new exclusive residential properties in the Lakeside location even more improved the charm of this cumulative sale location, with planners expecting strong future demand for residences to be improved the plot,” she mentions.
