Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
The purchase price of Lakeside Apartments is about $33.88 million (14%) more than the $240 million reserve cost listed when the 120-unit property was opened for collective deal in March this year. According to PropNex, each owners stands to obtain earnings of $2.28 million from the deal.
“The fairly limited supply of new exclusive property projects in the Lakeside spot better boosted the appeal of this combined sale location, with planners preparing for strong future need for condos to be built on the plot,” she states.
Based upon a close calculation of the land price, this turns to around $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, with no consisting of the extra balcony spot.
According to a statement by Wing Tai on May 26, the developer plans to redevelop the site into a residential development with greater than 300 units. The design of the property will certainly emphasize the waterfront views of Jurong Lake and the greenery around the adjacent Chinese as well as Japanese Gardens.
According to Tracy Goh, head of investment and also shared sales at PropNex, the tender was “fiercely disputed” due to the advancement’s enticing location in the Jurong location as well as potential growth potential.
The proprietors of Lakeside Apartments released their initial collective sale pursuit in 2018 with the same reserve price of $240 million, which mirrored a land cost of around $1,077 psf per plot ratio, once considering the rental top-up costs and development cost.
“Given the constrained supply of new home developments in the area, we are certain that demand for this new property will certainly be strong. We are excited to be part of the Jurong Lake District transformation as well as expect building a well-known project which accommodates the cutting-edge way of life demands of home purchasers,” mentions Tan Hwee Bin, executive director of Wing Tai Holdings.
Lakeside Apartments at 9E & 9F Yuan Ching Roadway is located around 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 nearby Lakeside MRT Station on the East-West Line, and also has road connectivity via the Ayer Rajah Expressway and the Pan Island Expressway. The location is likewise inside the Jurong Lake District, which has actually been reserved as a 2nd CBD in Singapore by urban organizers.
Leading realty developer Wing Tai Holdings has won the tender for the collective sale of Lakeside Apartments in Jurong. The constructor paid $273.88 million for the 99-year leasehold site. PropNex Realty was the special advertising representative for this collective sale.