Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The real estate was started for consolidated revenue on April 19 at a reserve price of $640 million, which calculates to an estimated land rate of $959 to $982 psf per plot ratio (ppr), without exception of the property expense as well as lease top-up premium from JTC Corp
The shared sale tender for Lakepoint Residence – a 99-year leasehold development located in Jurong – has recently closed on June 8 without any proposals, according to marketing strategy representative PropNex Realty.
The acquisition price of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million book price listed when the 120-unit development was started for shared sale in March this year. Propnex was likewise the exclusive advertising agent for that deal.
The project lies concerning 300m from Lakeside MRT Station on the East-West Line. It is also throughout walking distance to Jurong Lake Gardens.
Lakepoint Residence sits on an area spanning 562,286 sq ft and even makes up a total amount of 309 units. Based on the 2019 Master Plan, the spot has a plot ratio of 1.4 as well as is zoned for housing usage. It features the potential to get redeveloped into 860 all new residence units, averaging 915 sq ft each, based on the planning authority’s consent.
“Whilst there was interest in the Lakepoint Residence area among builders, we did not obtain a proposal at the close of the collective sale tender,” claims Tracy Goh, head of investment and collective sales at PropNex.
Property Owners of Lakepoint Condominium will definitely now join personal treaty arrangements with eager parties, states PropNex’s Goh. Under legislations controling collective sales, operators of the project might possibly participate in a private treaty contract with a purchaser within 10 weeks from the tender closing period.
The tender closure for Lakepoint Apartment comes 2 weeks after Lakeside Apartments, an additional 99-year leasehold place positioned in Jurong, was marketed to Wing Tai Holdings for $273.88 million. The land fee for the consolidated sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, without consisting of the bonus patio area.