SINGAPORE (THE BUSINESS TIMES) - The owners of Lakepoint Condominium are taking another stab at an en bloc sale of the 99-year leasehold property at the same reserve price as two years ago.
The $640 million reserve price translates to an estimated land rate of $959 per square foot per plot ratio (psf ppr), after factoring in the development charges and lease top-up premium from JTC, said exclusive marketing agent PropNex.
Subject to the approval of planning authorities and based on the 2019 masterplan, Lakepoint Condominium has the potential to be redeveloped into 860 condo units averaging 915 sq ft each.
Completed in 1983, the development now comprises 304 residential units, ranging from studio apartments to penthouses, and five shop units.
Head of investment and collective sales at PropNex Tracy Goh commented that with "little or almost no fresh supply" of residential development in the immediate vicinity, the "rare site" should appeal well to developers who prefer to have more certainty over the potential and demand in the area.
"We believe that as the Jurong Lake District continues to take form, more firms and investors will relocate to the area, creating a surge in job creation. This site is well-positioned to enjoy the upside in capital appreciation and rental yields from the transformative efforts in the area," she said.
The new condominium will sit on a 562,286 sq ft leasehold site, and at the fringe of the Jurong Lake District which has in its proximity the new mega port at Tuas, as well as industrial and logistics clusters. The area is also home to "a number" of high-value industries and two world-class local universities.
According to PropNex, the site is located near the 90-hectare Jurong Lake Gardens, Singapore's third and newest national garden. It is also "walking distance" away from the Lakeside MRT station and has easy access to main roads and expressways.
The public tender for the property closes at 2 pm on Dec 22.
• With additional information from The Straits Times