Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The acquisition rate of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million reserve price listed when the 120-unit property development was introduced for cumulative deal in March this year. Propnex was additionally the exclusive marketing broker for that deal.
The cumulative sale tender for Lakepoint Apartment – a 99-year leasehold development established in Jurong – has certainly closed on June 8 with no offers, according to sales broker PropNex Realty.
Lakepoint Residence rests on a location extending 562,286 sq ft and also consists of a total amount of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 as well as is zoned for house usage. It has the prospective to be redeveloped into 860 different apartment units, equating 915 sq ft each, based on the planning authority’s approval.
The residential property was opened for collective sale on April 19 at a reservation rate of $640 million, which works out to an approximated land price of $959 to $982 psf per plot ratio (ppr), without exception of the development price and also lease top-up premium from JTC Corp
The project stands concerning 300m from Lakeside MRT Station on the East-West Line. It is also found in strolling range to Jurong Lake Gardens.
The tender closure for Lakepoint Residence comes 2 weeks after Lakeside Apartments, an additional 99-year leasehold place situated in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land fee for the cumulative revenue is approximated to be around $1,250 psf ppr to $1,260 psf ppr, without consisting of the perk porch area.
Owners of Lakepoint Condo will now join personal treaty negotiations with interested events, points out PropNex’s Goh. Under laws regulating collective sales, managers of the property development might possibly take part in a nonpublic treaty contract with a buyer in just 10 weeks from the tender closing day.
“Whilst there was interest in the Lakepoint Apartment area among developers, we did not obtain a quote at the close of the collective sale tender,” claims Tracy Goh, head of investment as well as cumulative sales at PropNex.