SINGAPORE (THE BUSINESS TIMES) - Collective sale hopeful Lakepoint Condominium will be relaunched for sale en bloc again on Tuesday (April 19), said its exclusive marketing agency PropNex Realty.
The last tender had closed without a bid on Dec 22, 2021. Owners of the Jurong condominium development then entered into a "private treaty negotiation process".
The reserve price for the latest tender remains unchanged at $640 million. This translates to a land rate of $959 to $982 per sq ft per plot ratio, including the development charge and a lease top-up premium from JTC Corporation.
But the owners of Lakepoint recently obtained approval from the Urban Redevelopment Authority (URA) for higher height redevelopment. Thus, the buyer of the site will be able to build a mix of residential blocks five storeys and 12 storeys high, which "greatly enhances the attractiveness of the site", PropNex noted.
The Land Transport Authority has also confirmed that a traffic impact study is not necessary for this site.
The 99-year leasehold development comprises 309 residential units. It sits on a land plot spanning 562,286 sq ft zoned for residential use under the URA's Master Plan 2019 and also has a plot ratio of 1.4.
The property is located around 300m to Lakeside MRT Station and is within walking distance of Jurong Lake Gardens. Amenities nearby include shopping malls such as JCube, Jem, Westgate, IMM and Jurong Point Mall.
Schools within a 1km radius include River Valley High School, Rulang Primary School, Shuqun Primary School and the Canadian International School.
PropNex head of investment and collective sales Tracy Goh said: "We believe that as the dramatic transformation of Jurong Lake District (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."
She noted that an upcoming integrated tourism development in JLD could also be a game changer in Jurong, bringing in more visitors and businesses and thus sparking demand for 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," Ms Goh added.