Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
According to Tracy Goh, head of investment and combined sales at PropNex, the tender was “fiercely opposed” due to the development’s attractive area in the Jurong location and also potential expansion potential.
Based on a close calculation of the land rate, this converts to approximately $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, without including the bonus porch spot.
“The relatively limited supply of new personal property projects in the Lakeside area additionally boosted the allure of this collective sale site, with developers expecting healthy future demand for homes to be built on the plot,” she claims.
The purchase price of Lakeside Apartments is about $33.88 million (14%) more than the $240 million reserve cost listed when the 120-unit development was launched for collective sale in March this year. According to PropNex, every property owners stands to acquire profits of $2.28 million from the purchase.
The proprietors of Lakeside Apartments launched their initial shared sale effort in 2018 with the same reserve cost of $240 million, which showed a land rate of about $1,077 psf per plot ratio, soon after considering the rent top-up fee and improvement cost.
Lakeside Apartments at 9E & 9F Yuan Ching Road stands near the border of Jurong Lake Gardens. The 134,177 sq ft spot has a gross plot ratio of 2.1 under the most recent master plan. The place is offered by the nearby Lakeside MRT Terminal on the East-West Line, as well as has roadway connection via the Ayer Rajah Expressway and also the Frying Pan Island Expressway. The spot is likewise inside the Jurong Lake Area, which has been allocated as a second CBD in Singapore by urban planners.
Leading realty constructor Wing Tai Holdings possesses won the tender for the combined sale of Lakeside Apartments in Jurong. The constructor paid $273.88 million for the 99-year leasehold spot. PropNex Real estate was the special advertising realtor for this cumulative profit.
According to a statement by Wing Tai on May 26, the planner wants to redevelop the spot toward a home growth with more than 300 units. The style of the property will certainly feature the waterside views of Jurong Lake and the plant around the neighboring Chinese and also Japanese Gardens.
“Given the restricted supply of new property developments in the area, we are certain that need for this new project will certainly be strong. We are excited to be part of the Jurong Lake District change and look forward to building a well-known development which accommodates the cutting-edge way of living requirements of home buyers,” says Tan Hwee Bin, executive supervisor of Wing Tai Holdings.