SINGAPORE (EDGEPROP) - PropNex Realty, the exclusive marketing agent of the Lakepoint Condominium collective sale, has announced updates to the land planning parameters of the site in a press release on July 13, following URA’s reply.
Read also: Lakepoint Condominium launched for collective sale for $640 mil
URA has stated to the Lakepoint Condominium Collective Sale Committee that it is “prepared to relax height controls for future developments on the site”, subject to conditions and detailed evaluation upon formal planning application, according to PropNex.
“We are heartened that the URA is prepared to relax the varying height controls. With some of the blocks going as high as 12 and 16 storeys, this will capture stunning views of the Jurong Lake Gardens in the new development,” says Tracy Goh, head of investment and collective sales at PropNex.
Lakepoint Condominium has a site area of 562,286 sq ft and is zoned for residential use, with a plot ratio of 1.4, under the URA Master Plan 2019. The development comprises 304 residential units and five shop units. It is located within walking distance of the Lakeside MRT Station. The site is also near the Jurong Lake District, which will be the largest mixed-use business district outside the city centre. There are a total of 2,652 residential units within a 500m radius, of which 712 units are from the neighbouring Caspian.
Map and overview of Lakepoint Condominium (Source: EdgeProp LandLens)
Along the southern boundary block facing landed houses, URA is prepared to relax the existing five-storey height control to seven-storey for the blocks. For the north-east boundary, blocks up to a height of 12 storeys could be supported, provided it does not exceed the height of the existing 12-storey block and a minimum setback of 10m from the common boundary with Caspian condominium is enforced. URA has stated it is prepared to consider further relaxation of the building height of up to 16 storeys for the remaining blocks along the north/north-west boundary, subject to a minimum 30m setback from the common boundary with Lakeholmz condominium.
JTC has also confirmed the development baseline, which translates to an estimated land rate of $988 psf per plot ratio, inclusive of the development charge and lease top-up premium.
The reserve price remains at $640 million.
Lakepoint Condominium, a 99-year leasehold development located on Lakepoint Drive in Jurong, was relaunched for collective sale on April 19. The earlier tender closed without bids, and PropNex has entered into private treaty talks with interested parties after the tender closed.
The current tender will close on July 22 at 2pm.
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