Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The purchase price of Lakeside Condo has to do with $33.88 million (14%) more than the $240 million reserve price listed when the 120-unit development was introduced for cumulative transaction in March this year. Propnex was additionally the exclusive marketing broker for that transaction.
The project stands about 300m from Lakeside MRT Station on the East-West Line. It is also throughout strolling range to Jurong Lake Gardens.
Lakepoint Condo remains on a site covering 562,286 sq ft and also consists of a total amount of 309 units. Based upon the 2019 Master Plan, the area has a plot ratio of 1.4 and also is zoned for home usage. It gets the possible to be redeveloped into 860 all new condo units, equating 915 sq ft each, subject to the organizing authority’s permission.
“While there was pursuit in the Lakepoint Apartment site among constructors, we did not acquire a quote at the close of the collective sale tender,” says Tracy Goh, head of financial investment and cumulative sales at PropNex.
The apartment was started for shared profit on April 19 at a reserve rate of $640 million, which works out to a projected land price of $959 to $982 psf per plot ratio (ppr), comprehensive of the project fee and lease top-up costs from JTC Corp
. Property Owners of Lakepoint Apartment will definitely now take part in private treaty arrangements with interested parties, points out PropNex’s Goh. Under laws regulating shared sales, proprietors of the property might possibly take part in a nonpublic treaty contract with a customer within 10 weeks from the tender closing day.
The tender closure for Lakepoint Condominium comes two weeks after Lakeside Apartments, another 99-year leasehold place positioned in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land fee for the consolidated revenue is quoted to be about $1,250 psf ppr to $1,260 psf ppr, after including the bonus terrace area.
The cumulative sale tender for Lakepoint Apartment – a 99-year leasehold project positioned in Jurong – has certainly closed on June 8 without any quotes, according to marketing agent PropNex Realty.
