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

The property was opened for cumulative revenue on April 19 at a reservation rate of $640 million, which calculates to a projected land price of $959 to $982 psf per plot ratio (ppr), without exception of the property fee as well as lease top-up premium from JTC Corp

“Whilst there was attention in the Lakepoint Residence site amongst builders, we did not obtain a proposal at the end of the consolidated sale tender,” claims Tracy Goh, head of financial investment as well as collective sales at PropNex.

The consolidated sale tender for Lakepoint Condominium – a 99-year leasehold property established in Jurong – has certainly closed on June 8 without any tenders, according to marketing salesperson PropNex Realty.

Irwell Hill Residence condo

Owners of Lakepoint Residence will now become part of personal treaty negotiations with eager parties, says PropNex’s Goh. Under legislations controling cumulative sales, owners of the property might enter into a nonpublic treaty arrangement with a purchaser within 10 weeks from the tender closing date.

The purchase cost of Lakeside Apartments has to do with $33.88 million (14%) higher than the $240 million reserve price listed when the 120-unit property development was started for cumulative sale in March this year. Propnex was also the unique marketing agent for that deal.

The development stands regarding 300m from Lakeside MRT Station on the East-West Line. It is likewise found in strolling range to Jurong Lake Gardens.

Lakepoint Condominium rests on a location extending 562,286 sq ft and comprises a total 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 usage. It gets the likely to be redeveloped right into 860 new condo units, balancing 915 sq ft each, subject to the preparation authority’s confirmation.

The tender closure for Lakepoint Apartment arrives 2 weeks after Lakeside Apartments, one more 99-year leasehold place found in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land price for the cumulative revenue is determined to be about $1,250 psf ppr to $1,260 psf ppr, without any including the incentive patio area.

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