Condominium

Updates to scheduling settings on the Lakepoint Condominium collective selling site

SINGAPORE (EDGEPROP) – PropNex Realty, the exclusive marketing agent for the collective Lakepoint Condominium sale, announced updates to the site’s land development parameters in a July 13 press release, following response from the URA.

Read also: Lakepoint Condominium launched for collective sale for $640 million

The URA told the Lakepoint Condominium Collective Selling Committee that it is “prepared to relax height controls for future developments on the site,” subject to conditions and detailed assessment when applying for formal planning, according to PropNex.

“We are encouraged that the URA is ready to relax the variable height controls. With some of the blocks going up to 12 and 16 storeys, this will provide unobstructed views of the Jurong Lake Gardens in the new development,” said Tracy Goh, Head of Collective Investments and Sales at PropNex.

Lakepoint Condominium is 562,286 square feet and is zoned for residential use, with a plot ratio of 1.4, under the 2019 URA Master Plan. The development comprises 304 residential units and five commercial units. 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. There are a total of 2,652 residential units within a 500m radius, including 712 units from the neighboring Caspian.

Map and overview of Lakepoint Condominium (Source: EdgeProp LandLens)

Along the south boundary block facing single-family homes, the URA is prepared to relax the existing height control from five stories to seven stories for the blocks. For the northeast boundary, blocks up to a height of 12 storeys could be accommodated, provided they do not exceed the height of the existing 12 storey block and a minimum setback of 10m from at the common boundary with the Caspian condominium be applied. The URA said it was prepared to consider further building height relaxation of up to 16 stories for the remaining blocks along the north/northwest boundary, subject to a minimum setback of 30m in relation to the common boundary with the Lakeholmz condominium.

JTC has also confirmed the development basis, which translates to an estimated land rate of $988 per square foot per parcel, including development fees and top-up lease premium.

The reserve price remains at $640 million.

Lakepoint Condominium, a 99-year-old leasehold development located on Lakepoint Drive in Jurong, relaunched for collective sale on April 19.

The current call for tenders will close on July 22 at 2 p.m.

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