Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
Leading real estate builder Wing Tai Holdings has won the tender for the cumulative sale of Lakeside Apartments in Jurong. The builder paid $273.88 million for the 99-year leasehold spot. PropNex Realty was the unique advertising agent for this collective revenue.
According to a statement by Wing Tai on May 26, the maker wants to redevelop the area into a residential development with more than 300 units. The layout of the property will highlight the waterfront sights of Jurong Lake and also the plant around the close-by Chinese and Japanese Gardens.
The owners of Lakeside Apartments launched their first collective sale pursuit in 2018 with the same reserve cost of $240 million, which mirrored a land price of around $1,077 psf per plot ratio, following factoring in the contract top-up costs and expansion fee.
Based upon a near estimation of the land price, this equates to approximately $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, after consisting of the additional balcony space.
Lakeside Apartments at 9E & 9F Yuan Ching Road is located around the border of Jurong Lake Gardens. The 134,177 sq ft spot has a gross plot ratio of 2.1 under the most up to date master plan. The place is presented by the nearby Lakeside MRT Station on the East-West Line, and has road connectivity through the Ayer Rajah Expressway and the Frying Pan Island Expressway. The area is also within the Jurong Lake District, which has actually been named as a second CBD in Singapore by city coordinators.
“Given the limited supply of new residential developments in the location, we are certain that need for this new project will certainly be solid. We are thrilled to be part of the Jurong Lake District modification and also eagerly anticipate constructing an iconic development which caters to the modern way of living demands of home customers,” states Tan Hwee Bin, executive supervisor of Wing Tai Holdings.
“The relatively minimal supply of new exclusive household properties in the Lakeside place even more boosted the charm of this shared sale spot, with builders preparing for healthy future demand for estates to be improved the plot,” she states.
According to Tracy Goh, head of investment as well as shared sales at PropNex, the tender was “fiercely opposed” due to the growth’s appealing area in the Jurong place and also potential development capacity.
The purchase cost of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million reserve cost listed when the 120-unit improvement was opened for collective purchase in March this year. According to PropNex, every owners stands to obtain proceeds of $2.28 million from the deal.