Condominium

Lakepoint Condominium in Jurong will be revived for collective sale for $640 million

SINGAPORE, April 18, 2022 – PropNex Realty, the exclusive marketing agent representing Lakepoint Condominium owners through their Collective Selling Committee, today announced the relaunch of the collective selling of Lakepoint Condominium in Jurong.

The 99-year-old leasehold development will go up for collective sale on April 19, 2022 for a reserve price of $640 million, unchanged from the launch of the previous tender in October 2021. The reserve price translates by an estimated land rate of $959 to $982 per square foot per parcel ratio (psf ppr), including the development charge and JTC’s top-up lease premium.

Tracy Goh, Head of Collective Investments and Sales at PropNex, said: “Since the last tender which closed without a bid on December 22, 2021, the owners of Lakepoint Condominium had submitted a draft planning permission for a high-rise redevelopment and it was recently approved by the Urban Redevelopment Authority . With this, the successful buyer of the site will be able to build a mix of 5-storey and 12-storey residential buildings which will significantly enhance the attractiveness of the site. The Land Transport Authority has also confirmed that the pre-application feasibility study (traffic impact study) is not required for this site. »

Lakepoint Condominium sits on a sprawling 562,286 square foot lot. According to the 2019 master plan, the site has a land ratio of 1.4 and is zoned for residential use. It has the potential to be redeveloped into 860 new condominium units, averaging 915 square feet each, subject to planning authority approval.

The successful bidder will have the opportunity to redevelop a rare site close to the Jurong Lake District and the Jurong Innovation District, providing a modern residential project with superb views of the surrounding area. The site is also conveniently located, approximately 300 meters from Lakeside MRT station on the East-West line. It is also within walking distance of Jurong Lake Gardens, Singapore’s new National Gardens in the heart of the city.

Ms. Goh added, “We believe that as JLD’s dramatic transformation continues to take shape, more businesses and investors could move into the area, generating more employment opportunities and injecting more vibrancy into the neighborhood. JLD’s next tourist destination could also be a game-changer in Jurong, attracting more visitors and businesses.Overall, these plans will drive demand for new homes in Jurong.The collective Lakepoint Condominium site is well positioned to take advantage of the potential for upside capital appreciation and rental returns from transformation efforts in the region.

Several amenities are easily accessible such as JCube, JEM, Westgate, IMM and Jurong Point Mall. Meanwhile, a number of popular schools are located within a 1 km radius of the site. These include River Valley High School, Rulang Elementary School, and Shuqun Elementary School. Future accommodation on the site will also appeal to expatriates wishing to enroll their children at the nearby Canadian International School.

The bidding exercise will close on June 8, 2022 at 2 p.m.

TO FINISH

Source: PropNex Realty



Source: PropNex Realty


Source: PropNex Realty


For media inquiries, please contact:

Caroline Goh
Director, Corporate Communications and Marketing
PropNex Limited (SGX Motherboard Listed Company)
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
DID: (65) 6829 6748 / 98287834 | Main: (65) 6820 8000 | Fax: (65) 6829 6600
www.propnex.com

Tracy Go
Investment and Collective Sales Manager
PropNex Limited (SGX Motherboard Listed Company)
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
DID: (65) 6829 6669 / 90010711 | Main: (65) 6820 8000 | Fax: (65) 6829 6600
www.propnex.com


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