Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
The purchase fee of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million book price listed when the 120-unit development was launched for consolidated sale in March this year. Propnex was additionally the unique advertising broker for that transaction.
The tender closure for Lakepoint Condo arrives two weeks after Lakeside Apartments, an additional 99-year leasehold spot found in Jurong, was marketed to Wing Tai Holdings for $273.88 million. The land price for the cumulative sale is quoted to be around $1,250 psf ppr to $1,260 psf ppr, without including the incentive balcony location.
Lakepoint Apartment sits on a site spanning 562,286 sq ft and even consists of a total of 309 units. Based upon the 2019 Master Plan, the site has a plot ratio of 1.4 and also is zoned for domestic usage. It has the likely to get redeveloped right into 860 different residence units, balancing 915 sq ft each, based on the organizing authority’s permission.
. Proprietors of Lakepoint Condo will definitely now enter into private treaty arrangements with eager events, mentions PropNex’s Goh. Under laws controling consolidated sales, managers of the property development might possibly join a nonpublic treaty contract with a buyer in just 10 weeks from the tender closing period.
The real estate was released for cumulative profit on April 19 at a reservation value of $640 million, which calculates to an expected land rate of $959 to $982 psf per plot ratio (ppr), inclusive of the project fee and lease top-up premium from JTC Corp
“Whilst there was interest in the Lakepoint Residence area among developers, we did not acquire a quote at the end of the cumulative sale tender,” expresses Tracy Goh, head of financial investment and consolidated sales at PropNex.
The project lies concerning 300m from Lakeside MRT Terminal on the East-West Line. It is additionally within walking range to Jurong Lake Gardens.
The cumulative sale tender for Lakepoint Condo – a 99-year leasehold property established in Jurong – has certainly closed on June 8 with no quotes, according to sales agent PropNex Realty.