Collective sale tender for Lakepoint Condo closes without bids, enters private treaty
/ EdgeProp Singapore |
The collective sale tender for Lakepoint Condominium closed on June 8 without any bids (Photo: Samuel Isaac Chua/The Edge Singapore)
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SINGAPORE (EDGEPROP) - The collective sale tender for Lakepoint Condominium - a 99-year leasehold development located in Jurong - has closed on June 8 without any bids, according to marketing agent PropNex Realty.
"While there was interest in the Lakepoint Condominium site among developers, we did not get a bid at the close of the collective sale tender," says Tracy Goh, head of investment and collective sales at PropNex.
The property was launched for collective sale on April 19 at a reserve price of $640 million, which works out to an estimated land rate of $959 to $982 psf per plot ratio (ppr), inclusive of the development charge and lease top-up premium from JTC Corp.
Owners of Lakepoint Condominium will now enter into private treaty negotiations with interested parties, says PropNex's Goh. Under laws governing collective sales, owners of the development may enter into a private treaty contract with a buyer within 10 weeks from the tender closing date.
Lakepoint Condominium sits on a site spanning 562,286 sq ft and comprises a total of 309 units. Based on the 2019 Master Plan, the site has a plot ratio of 1.4 and is zoned for residential use. It has the potential to be redeveloped into 860 new condominium units, averaging 915 sq ft each, subject to the planning authority’s approval.
Map and overview of Lakepoint Condominium (Source: EdgeProp LandLens)
The development is located about 300m from Lakeside MRT Station on the East-West Line. It is also within walking distance to Jurong Lake Gardens.
The tender closure for Lakepoint Condominium comes two weeks after Lakeside Apartments, another 99-year leasehold site located in Jurong, was sold to Wing Tai Holdings for $273.88 million. The land rate for the collective sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, without including the bonus balcony area.
The purchase price of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million reserve price listed when the 120-unit development was launched for collective sale in March this year. Propnex was also the exclusive marketing agent for that deal.
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