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

The consolidated sale tender for Lakepoint Residence – a 99-year leasehold development situated in Jurong – has certainly closed on June 8 without any quotes, according to marketing strategy agent PropNex Realty.

The building was started for shared sale on April 19 at a reserve cost of $640 million, which works out to a projected land rate of $959 to $982 psf per plot ratio (ppr), without exception of the project expense as well as lease top-up costs from JTC Corp

The tender closure for Lakepoint Apartment comes two weeks after Lakeside Apartments, an additional 99-year leasehold spot located in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land fee for the shared sale is estimated to be about $1,250 psf ppr to $1,260 psf ppr, without any including the bonus offer terrace location.

Property Owners of Lakepoint Condominium will definitely now take part in exclusive treaty negotiations with eager events, says PropNex’s Goh. Under legislations regulating collective sales, operators of the property may participate in a nonpublic treaty commitment with a buyer within 10 weeks from the tender closing period.

Lakepoint Condo sits on a location covering 562,286 sq ft and comprises an overall of 309 units. Based on the 2019 Master Plan, the area has a plot ratio of 1.4 and also is zoned for housing usage. It gets the potential to get redeveloped into 860 all new apartment units, averaging 915 sq ft each, subject to the organizing authority’s confirmation.

Kopar at Newton Chip Eng Seng

The purchase price of Lakeside Apartments is about $33.88 million (14%) more than the $240 million reserve price listed when the 120-unit project was introduced for shared sale in March this year. Propnex was additionally the unique promotion agent for that deal.

“Whilst there was pursuit in the Lakepoint Condo location among builders, we did not get a proposal at the close of the consolidated sale tender,” mentions Tracy Goh, head of investment as well as cumulative sales at PropNex.

The development lies about 300m from Lakeside MRT Station on the East-West Line. It is likewise throughout strolling range to Jurong Lake Gardens.

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