Lakepoint Condominium In Jurong To Be Relaunched For Collective Sale For $640 Million
SINGAPORE, 18 April 2022 – PropNex Realty, the exclusive marketing agent representing the owners of Lakepoint Condominium via their collective sale committee, has today announced the relaunch of the collective sale of Lakepoint Condominium in Jurong.
The 99-year leasehold development will be put up for collective sale on 19 April 2022 for a reserve price of $640 million, unchanged from the previous tender launch in October 2021. The reserve price translates to an estimated land rate of $959 to $982 per square foot per plot ratio (psf ppr), inclusive of the development charge and lease top-up premium from JTC.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “Since the last tender that closed without a bid on 22 December 2021, the owners of Lakepoint Condominium had submitted an outline planning permission for higher height redevelopment and it was recently approved by Urban Redevelopment Authority. With this, the successful buyer of the site will be able to build a mixture of residential blocks of 5 storeys and 12 storeys which will greatly enhance the attractiveness of the site. The Land Transport Authority has also confirmed that the Pre-Application Feasibility Study (traffic impact study) is not necessary for this site.”
Lakepoint Condominium sits on a sprawling plot spanning 562,286 sq ft. 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.
The successful tenderer will have the opportunity to redevelop a rare site near the Jurong Lake District and Jurong Innovation District, offering a modern residential project with great views of the surroundings. The site is also conveniently located, being about 300 metres to the Lakeside MRT station on the East-West Line. It is also within walking distance to the Jurong Lake Gardens, Singapore’s new national gardens in the heartlands.
Ms Goh added, “We believe that as the dramatic transformation of JLD continues to take shape, more companies and investors could relocate to the area, generating more job opportunities and injecting more vibrancy to the neighbourhood. The upcoming tourism destination in JLD could also be a game changer in Jurong, bringing in more visitors and businesses. Overall, these plans will spark demand for new homes in Jurong. The Lakepoint Condominium collective sale site is well-positioned to enjoy the potential upside in capital appreciation and rental yields from the transformation efforts in the area.”
Several amenities are within easy reach, 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. They include River Valley High School, Rulang Primary School and Shuqun Primary School. Future homes on the site will also appeal to expatriates who are keen to enrol their children at the nearby Canadian International School.
The tender exercise will close on 8 June 2022 at 2pm.
