Lakeside Towers going for $305 mil
By Bong Xin Ying
/ EdgeProp |
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The 14,236 sq m (153,237 sq ft) Lakeside Towers has been launched for sale by public tender. Owners are expecting a price of $305 million, according to marketing agent Huttons Asia.
The site is zoned “residential” with an allowable GPR of 2.1. It can yield a GFA of 321,797 sq ft upon redevelopment. Developers could choose to build between 250 units and 350 units, with average sizes ranging from 860 to 1,200 sq ft.
The estimated differential premium and lease upgrading premium payments of $57 million to intensify land use and for topping up to a fresh 99-year lease translates into a land rate of $1,125 psf ppr.
The development overlooks the 90ha Jurong Lake Gardens. Strategically located in the Jurong Lake District, it is a high-growth area, notes Angela Lim, deputy head of investment sales at Huttons Asia.
The public tender will close on May 28.
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