Lakepoint Condominium Collective Sale Update

SINGAPORE, July 13, 2022 – PropNex Realty, the exclusive marketing agent for the Lakepoint Condominium collective sale, today announced updates to the land development parameters for the site, following a response from the Urban Redevelopment Authority (URA).

The URA has advised the Lakepoint Condominium Collective Selling Committee that it is prepared to relax height controls for future development to be built on the Lakepoint Condominium Collective Selling Site, subject to certain conditions and an assessment detailed upon receipt of the official planning request.

• It is ready to relax to loosen the height control from 5 stories to 7 stories for blocks along the southern boundary facing the Terran houses.
• It is prepared to support up to 12 stories for blocks near the northeast boundary [The new 12-storey blocks are not to exceed the height of the existing 12-storey block and to provide a 10m (minimum) building setback from the common boundary with Caspian condo].
• It is prepared to consider further relaxation of building heights up to 16 storeys for the remaining blocks along the north/northwest boundary [Subject to a setback of 30m (minimum) from the common boundary with Lakeholmz condo].

In addition, the JTC has also confirmed the development basis, which translates to an estimated land rate of $988 per square foot per plot ratio (psf ppr), including the lease add-on premium and development fee, including 7% balcony space. The reserve price remains at $640 million.

The 99-year Lakepoint Condominium lease in Jurong West was re-launched for collective sale by tender for $640 million on April 19, 2022. The tender closed at 2 p.m. on June 8, 2022 with no offers and entered into private treaty negotiations.

Tracy Goh, Head of Collective Investments and Sales at PropNex, said: “We are encouraged that the URA is prepared to relax and support the various height controls for the Lakepoint Condominium redevelopment, subject to the conditions being met. Indeed, height control at this site was one of the concerns raised by some interested parties during the tender and we believe that URA’s latest response will go some way to addressing the issue. With some of the blocks going up to 12 and 16 storeys, this will allow the architect to capture stunning views of the Jurong Lake Gardens in the new development. We are currently in private treaty talks with a few developers and are looking forward to a positive outcome for owners. »

Lakepoint Condominium is 562,286 square feet and is zoned for residential use, with a plot ratio of 1.4, as part of the 2019 URA Master Plan. The development comprises 304 residential units and 5 store units and it is located within walking distance from Lakeside MRT station. The site is also close to the Jurong Lake District, which will be the largest mixed-use business district outside the city centre.

All offers for the Lakepoint Condominium site will be reviewed by July 22, 2022 at 2:00 p.m. and interested parties should submit their offers by then.

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