Updates to planning parameters on Lakepoint Condominium collective sale site
Lakepoint Residence, a 99-year leasehold project situated on Lakepoint Drive in Jurong, was relaunched for cumulative sale on April 19. The earlier tender closed without proposals, as well as PropNex has become part of exclusive treaty talks with interested parties after the tender shut.
URA has actually mentioned to the Lakepoint Condominium Collective Sale Committee that it is “prepared to loosen up elevation controls for future properties on the area”, subject to situations and also detailed evaluation upon official preparation application, according to PropNex.
Along the southerly border block facing landed residences, URA is prepared to relax the existing five-storey elevation control to seven-storey for the blocks. For the north-east limit, blocks up to a height of 12 storeys could be sustained, provided it does not surpass the height of the existing 12-storey block and a minimum trouble of 10m from the typical limit with Caspian residence is implemented. URA has mentioned it is prepared to take into consideration additional relaxation of the building level of up to 16 floors for the continuing to be blocks along the north/north-west limit, based on a minimum 30m problem from the typical boundary with Lakeholmz condominium.
“We are heartened that the URA is prepared to kick back the differing height controls. With a few of the blocks going as high as 12 and also 16 floors, this will catch magnificent sights of the Jurong Lake Gardens in the new development,” states Tracy Goh, head of financial investment and cumulative sales at PropNex.
PropNex Real estate, the exclusive marketing representative of the Lakepoint Condo cumulative sale, has announced updates to the land preparation parameters of the site in an announcement on July 13, following URA’s reply.
Lakepoint Residence has a place location of 562,286 sq ft as well as is zoned for household usage, with a plot ratio of 1.4, under the URA Master Plan 2019. The development comprises 304 household units and five store units. It lies within walking distance of the Shore MRT Terminal. The site is additionally near the Jurong Lake Area, which will certainly be the most extensive mixed-use enterprise zone outside the city centre. There are a total of 2,652 residential units within a 500m span, of which 712 units are from the adjoining Caspian.
The current tender will end July 22 at 2pm.
JTC has additionally validated the project standard, which equates to a projected land price of $988 psf per plot ratio, inclusive of the project price as well as lease top-up costs.
The reserve price continues to be at $640 million.