Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The real estate was released for collective profit on April 19 at a reserve value of $640 million, which works out to an estimated land rate of $959 to $982 psf per plot ratio (ppr), comprehensive of the development fee and also lease top-up costs from JTC Corp
The shared sale tender for Lakepoint Residence – a 99-year leasehold development situated in Jurong – has certainly closed on June 8 with no bids, according to promotion broker PropNex Realty.
The purchase rate of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million reserve price listed when the 120-unit development was released for consolidated sale in March this year. Propnex was also the exclusive promotion agent for that transaction.
Lakepoint Apartment sits on an area extending 562,286 sq ft and makes up 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 house usage. It gets the possible to get redeveloped right into 860 new residence units, balancing 915 sq ft each, subject to the organizing authority’s approval.
Proprietors of Lakepoint Condo will definitely now become part of exclusive treaty settlements with interested celebrations, claims PropNex’s Goh. Under legislations regulating shared sales, operators of the development can participate in a special treaty deal with an investor in just 10 weeks from the tender closing day.
“While there was pursuit in the Lakepoint Condo area among builders, we did not acquire a proposal at the end of the cumulative sale tender,” claims Tracy Goh, head of financial investment as well as consolidated sales at PropNex.
The tender closure for Lakepoint Apartment comes two weeks after Lakeside Apartments, one more 99-year leasehold spot found in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land charge for the shared sale is determined to be about $1,250 psf ppr to $1,260 psf ppr, without any including the incentive veranda location.
The development is located regarding 300m from Lakeside MRT Terminal on the East-West Line. It is also found in walking range to Jurong Lake Gardens.