Owners of Lakeside Apartments have launched their 120-unit development for collective sale at the reserve price of $240 million.

The asking price reflects a land rate estimate of $1,049 psf per plot ratio (ppr). This includes the Differential Premium of $55.56 million, which covers the development charge and the lease top-up.

Under URA’s Master Plan 2014, the site is zoned “Residential” with a plot ratio of 2.1. The 134,176 sq ft site could potentially be redeveloped into a 340-unit development, with each unit measuring 754 sq ft, says Nicholas Mak, ZACD Group executive director.

The 99-year leasehold development, along Yuan Ching Road, is a 15-minute walk to Lakeside MRT station. Lakeside Apartments was completed in 1970, and is within the Jurong Lake District, poised to be the second CBD in Singapore.

The tender for the site will close on 24 July.

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