Collective sale tender for Lakepoint Condo closes without bids, enters private treaty

Property Owners of Lakepoint Residence will definitely now become part of private treaty negotiations with interested parties, states PropNex’s Goh. Under regulations supervising collective sales, owners of the property may become part of an exclusive treaty contract with an investor in just 10 weeks from the tender closing day.

“Whilst there was pursuit in the Lakepoint Residence location among developers, we did not purchase a proposal at the end of the collective sale tender,” expresses Tracy Goh, head of investment and cumulative sales at PropNex.

Lakepoint Condominium rests on an area spanning 562,286 sq ft and also comprises a total amount of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 and is zoned for residential use. It has the possible to get redeveloped into 860 all new residence units, balancing 915 sq ft each, based on the planning authority’s consent.

The residential property was released for shared revenue on April 19 at a reservation rate of $640 million, which calculates to an expected land price of $959 to $982 psf per plot ratio (ppr), inclusive of the property fee and lease top-up costs from JTC Corp

The collective sale tender for Lakepoint Residence – a 99-year leasehold property development found in Jurong – has recently closed on June 8 without any tenders, according to marketing salesperson PropNex Realty.

The project is located about 300m from Lakeside MRT Station on the East-West Line. It is additionally within strolling range to Jurong Lake Gardens.

The tender closure for Lakepoint Residence arrives 2 weeks after Lakeside Apartments, an additional 99-year leasehold site situated in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land charge for the consolidated sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, without any consisting of the incentive balcony location.

Sceneca Residences MCC Land Pte Ltd

The purchase rate of Lakeside Apartments has to do with $33.88 million (14%) greater than the $240 million reserve price listed when the 120-unit property development was launched for collective sale in March this year. Propnex was also the exclusive advertising representative for that special offer.

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