Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The tender closure for Lakepoint Residence comes two weeks after Lakeside Apartments, an additional 99-year leasehold spot found in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land fee for the collective revenue is estimated to be about $1,250 psf ppr to $1,260 psf ppr, after including the benefit porch area.
The cumulative sale tender for Lakepoint Apartment – a 99-year leasehold development located in Jurong – has recently closed on June 8 with no quotes, according to advertising salesperson PropNex Realty.
The apartment was started for consolidated profit on April 19 at a reserve fee of $640 million, which calculates to a projected land rate of $959 to $982 psf per plot ratio (ppr), comprehensive of the property price as well as lease top-up costs from JTC Corp
Property Owners of Lakepoint Residence will now become part of private treaty negotiations with interested parties, points out PropNex’s Goh. Under regulations governing shared sales, operators of the property can participate in an exclusive treaty arrangement with a buyer within 10 weeks from the tender closing period.
“Whilst there was attention in the Lakepoint Condo area among developers, we did not acquire a bid at the close of the cumulative sale tender,” states Tracy Goh, head of investment and shared sales at PropNex.
The purchase cost of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million book price listed when the 120-unit property development was introduced for shared deal in March this year. Propnex was additionally the special marketing representative for that offer.
Lakepoint Apartment remains on an area spanning 562,286 sq ft and consists of an overall of 309 units. Based upon the 2019 Master Plan, the spot has a plot ratio of 1.4 and also is zoned for residential use. It features the likely to be redeveloped into 860 different condo units, balancing 915 sq ft each, subject to the preparation authority’s authorization.
The project is located regarding 300m from Lakeside MRT Station on the East-West Line. It is also throughout walking range to Jurong Lake Gardens.