Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
Leading real estate builder Wing Tai Holdings possesses won the tender for the combined sale of Lakeside Apartments in Jurong. The builder paid $273.88 million for the 99-year leasehold place. PropNex Realty was the unique advertising realtor for this cumulative sale.
According to Tracy Goh, head of investment as well as collective sales at PropNex, the tender was “fiercely disputed” due to the growth’s enticing place in the Jurong place and also upcoming expansion potential.
The investment cost of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million reserve cost listed when the 120-unit construction was introduced for collective purchase in March this year. According to PropNex, each property owners stands to earn proceeds of $2.28 million from the purchase.
Lakeside Apartments at 9E & 9F Yuan Ching Road stands along the border of Jurong Lake Gardens. The 134,177 sq ft site has a gross plot ratio of 2.1 under the current master plan. The location is presented by the nearby Lakeside MRT Terminal on the East-West Line, and also has road connectivity with the Ayer Rajah Expressway and the Pan Island Expressway. The area is also within the Jurong Lake District, which has been reserved as a 2nd CBD in Singapore by city organizers.
Based upon a relative estimation of the land price, this converts to around $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, after consisting of the additional balcony location.
“The relatively restricted supply of new personal household ventures in the Lakeside region further boosted the appeal of this cumulative sale site, with builders anticipating strong future demand for houses to be built on the plot,” she says.
“Given the minimal supply of new property growths in the location, we are confident that need for this new assignment will be strong. We are excited to be involved in the Jurong Lake District transformation and eagerly anticipate developing a famous development which caters to the cutting-edge way of life needs of house purchasers,” states Tan Hwee Bin, executive supervisor of Wing Tai Holdings.
Sceneca Residences condo floor plan
According to a statement by Wing Tai on May 26, the planner means to redevelop the place into a household growth with greater than 300 units. The design of the plan will focus on the waterfront perspectives of Jurong Lake and also the greenery around the neighboring Chinese and Japanese Gardens.
The owners of Lakeside Apartments introduced their initial combined sale effort in 2018 with the same reserve cost of $240 million, which mirrored a land rate of about $1,077 psf per plot ratio, following considering the lease top-up fee as well as enhancement fee.
