SINGAPORE – Lakeside Towers in Yuan Ching Road has been put up for collective sale via tender, as residential properties near the upcoming Jurong Lake District enter the spotlight.

Owners of the 144-unit condo are now seeking $350 million in the sale, which is 14.8 per cent higher than its 2018 reserve price of $305 million.

The tender comes on the heels of CapitaLand Development’s announcement that it will redevelop JCube into a 40-storey residential property, in line with the Singapore Government’s plans to bring new homes, businesses and amenities to Jurong Lake District.

It also comes after neighbouring condo Lakeside Apartments sold at 14 per cent above its reserve price in May last year. Park View Mansions, which is also along Yuan Ching Road, was later sold for $260 million. Lakepoint Condominium, which is located some distance away from the trio, closed its collective sale tender without bids in June.

Lakeside Towers is located on the fringe of Jurong Lake District, touted to be Singapore’s second Central Business District.

Completed in 1981, the 99-year leasehold property comprises two 16-storey blocks. The 14,236.1 sq m plot of land the property sits on is zoned for residential use, with a gross plot ratio of 2.1. However, the development’s current as-built gross floor area (GFA), which has been duly verified with the authorities, is equivalent to a gross plot ratio of 2.35953, JLL noted.

This means its reserve price of $350 million translates to a land rate of about $1,244 per sq ft per plot ratio, after factoring in an estimated lease top-up premium with no land betterment charge.

The land rate is estimated to be at around $1,196 if the 10 per cent bonus GFA is factored in, inclusive of a lease top-up premium and a land betterment charge.

JLL said the site might accommodate up to 395 apartments, based on the minimum average size control of 85 sq m.

The tender for Lakeside Towers will close at 3pm on April 12. THE BUSINESS TIMES