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

“Whilst there was pursuit in the Lakepoint Condo site among constructors, we did not acquire a proposal at the end of the collective sale tender,” says Tracy Goh, head of investment as well as cumulative sales at PropNex.

Lakepoint Apartment rests on a location extending 562,286 sq ft and makes up an overall of 309 units. Based on the 2019 Master Plan, the spot has a plot ratio of 1.4 as well as is zoned for home use. It has the prospective to be redeveloped right into 860 new residence units, balancing 915 sq ft each, based on the organizing authority’s confirmation.

Midtown Bay condo floor plan

The development is located regarding 300m from Lakeside MRT Terminal on the East-West Line. It is also throughout walking distance to Jurong Lake Gardens.

The collective sale tender for Lakepoint Condo – a 99-year leasehold development placed in Jurong – has closed on June 8 with no bids, according to marketing strategy broker PropNex Realty.

Proprietors of Lakepoint Condominium will now become part of exclusive treaty settlements with eager parties, suggests PropNex’s Goh. Under legislations regulating shared sales, owners of the project can enter into an exclusive treaty contract with a purchaser in just 10 weeks from the tender closing day.

The property was launched for cumulative sale on April 19 at a reservation rate of $640 million, which calculates to an expected land rate of $959 to $982 psf per plot ratio (ppr), comprehensive of the development rate as well as lease top-up costs from JTC Corp

The tender closure for Lakepoint Apartment comes 2 weeks after Lakeside Apartments, an additional 99-year leasehold site found in Jurong, was reselled to Wing Tai Holdings for $273.88 million. The land charge for the cumulative sale is approximated to be around $1,250 psf ppr to $1,260 psf ppr, without consisting of the reward terrace location.

The purchase fee of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million get price listed when the 120-unit property development was launched for consolidated sale in March this year. Propnex was likewise the unique marketing representative for that special offer.

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