Leading property developer Wing Tai Holdings has won the collective sale tender for Lakeside Apartments in Jurong. The developer acquired the 99-year leasehold site for S$273.88 million. Propnex Realty was the exclusive marketing agent for this collective sale.
Based on a rough calculation of the land price, the land rate works out to be between S$1,250 and S$1,260 per square foot per plot ratio, excluding the additional balcony area.
When the 120-unit Lakeside Apartments was launched for collective sale in March this year, the reserve price was S$240 million. The acquisition price is approximately S$33.88 million (14%) higher. According to Propnex Realty, each owner stands to gain S$2.28 million from the deal.
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In 2018, when the owners of Lakeside Apartments made their first attempt at a collective sale, the reserve price was also S$240 million. Including the lease top-up premium and development charges, the land price was S$1,077 per square foot per plot ratio.
Leo Kwek, a senior property agent at AnjiaSG, mentioned that the tender was “highly competitive” due to the development’s excellent location in the Jurong area and its future growth potential.
Mr. Kwek stated, “The supply of new residential projects in the Lakeside area is relatively limited, which further enhances the attractiveness of this collective sale site. Developers anticipate healthy demand for the homes to be built on this plot in the future.”
Lakeside Apartments, located at 9E and 9F Yuan Ching Road, is situated next to Jurong Lake Gardens. In the latest Master Plan, this 134,177 sq ft site has a plot ratio of 2.1. The site is near the Lakeside MRT station on the East-West Line, and offers road connectivity to the Ayer Rajah Expressway (AYE) and Pan-Island Expressway (PIE). The site is also located within the Jurong Lake District, which has been designated by urban planners as Singapore’s second Central Business District.
According to a press release by Wing Tai Holdings on May 26, the developer intends to redevelop the site into a residential project with more than 300 units. The project’s design will highlight the waterfront views of the Jurong Lake area and the greenery of the nearby Chinese and Japanese Gardens.
Tan Hwee Bin, Executive Director of Wing Tai Holdings, said, “Given the limited supply of new residential projects in the area, we are confident that there will be strong demand for this new project. We are excited to be part of the Jurong Lake District’s transformation and look forward to creating an iconic development that meets the modern lifestyle needs of homebuyers.”
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