Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The residential property was launched for cumulative profit on April 19 at a reserve cost of $640 million, which works out to an estimated land price of $959 to $982 psf per plot ratio (ppr), comprehensive of the development fee as well as lease top-up premium from JTC Corp
“While there was attention in the Lakepoint Condo area among builders, we did not get a quote at the end of the shared sale tender,” mentions Tracy Goh, head of financial investment as well as shared sales at PropNex.
The project is located concerning 300m from Lakeside MRT Terminal on the East-West Line. It is likewise throughout walking range to Jurong Lake Gardens.
The purchase rate of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million reserve price listed when the 120-unit property development was introduced for cumulative transaction in March this year. Propnex was likewise the unique promotion broker for that deal.
Lakepoint Residence remains on a location covering 562,286 sq ft and comprises a total amount of 309 units. Based on the 2019 Master Plan, the area has a plot ratio of 1.4 and also is zoned for residential usage. It gets the possible to get redeveloped right into 860 all new residence units, balancing 915 sq ft each, subject to the preparation authority’s approval.
The cumulative sale tender for Lakepoint Residence – a 99-year leasehold project positioned in Jurong – has recently closed on June 8 with no tenders, according to promotion broker PropNex Realty.
The tender closure for Lakepoint Condominium comes 2 weeks after Lakeside Apartments, one more 99-year leasehold place positioned in Jurong, was marketed to Wing Tai Holdings for $273.88 million. The land price for the consolidated revenue is approximated to be about $1,250 psf ppr to $1,260 psf ppr, after including the benefit balcony area.
Owners of Lakepoint Condominium will now enter into private treaty arrangements with interested parties, points out PropNex’s Goh. Under legislations managing shared sales, managers of the property development can join an exclusive treaty arrangement with an investor in just 10 weeks from the tender closing day.