Lakepoint condo $640m collective sale attempt ends again with no takers

The reserve price for the latest tender for Lakepoint Condominium remained unchanged at $640 million. PHOTO: PROPNEX

SINGAPORE (THE BUSINESS TIMES) - Lakepoint Condominium closed its collective sale tender without bids and is now entering into private treaty negotiations with interested parties, said exclusive marketing agency PropNex Realty in a statement on Wednesday (June 8).

This was the latest sale attempt by the owners of the 99-year leasehold Jurong condominium. The previous tender had also closed without a bid on Dec 22 last year.

"While there was interest in the Lakepoint Condominium site among developers, we did not get a bid at the close of the collective sale tender," said Ms Tracy Goh, PropNex's head of investment and collective sales.

The reserve price for the latest tender remained unchanged at $640 million. However, when a development charge and lease top-up premium from JTC Corporation are included, the total quantum a buyer would have to fork out for the site will likely be around $800 million.

This would put the price tag above the top bid of $671.5 million for the recent state tender of the Pine Grove site, making potential buyers more cautious.

Lakepoint Condominium comprises 304 residential units and five shop units, and sits on a land plot spanning 562,286 sq ft zoned for residential use under the Urban Redevelopment Authority's (URA) Master Plan 2019. It has a plot ratio of 1.4.

The property is located around 300m to Lakeside MRT Station and is within walking distance to Jurong Lake Gardens as well as other amenities and schools.

The condominium's owners had recently obtained URA approval for higher height redevelopment, which would allow the site's buyer to build a mix of residential blocks five storeys and 12 storeys high.

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.