SINGAPORE - Lakeside Apartments at 9E and 9F Yuan Ching Road has hit the collective sale jackpot of $273.89 million, 14 per cent above its $240 million reserve price, on its second attempt.
The 120-unit, 99-year leasehold project located near Jurong Lake Gardens and the Jurong Lake District was sold to Winville Investment, a subsidiary of Singapore-listed Wing Tai Holdings.
The developer plans to turn the 12,465.4 sq m (134,177 sq ft) site into a more than 300-unit residential development with views of Jurong Lake Gardens, Chinese Garden and Japanese Garden.
Owners of the three-bedroom units at the existing condo stand to get about $2.28 million each, marketing agent PropNex Realty told The Straits Times on Thursday (May 26).
But PropNex was unable to disclose what the $273.89 million price translated to in terms of land rate, as well as the number of bids placed in the tender, which closed on May 25.
The $240 million reserve price had worked out to a land rate of $1,077 per sq ft per plot ratio, including a lease top-up premium and development charge. The site has about 45 years left on its tenure.
Lakeside Apartments launched its second collective sale tender in March this year at the same $240 million reserve price as in its 2019 attempt. This was despite the fact that the collective sale committee had proposed cutting the reserve price to $205 million.
Ms Tracy Goh, head of investment and collective sales at PropNex, said: "The tender was hotly contested due to its attractive location with views of the Jurong Lake Gardens, and its proximity to the Jurong Lake District, which is envisioned to be a vibrant regional commercial hub and tourist destination.
"The relatively limited supply of new private residential projects in the Lakeside area further boosted the appeal of this collective sale site, with developers anticipating healthy future demand for homes to be built on the plot."
With a gross plot ratio of 2.1, the site has the potential to be redeveloped into a 24-storey residential building with 307 condominium units, averaging 915 sq ft each, PropNex said.
Mr John See Toh, chairman of the Lakeside Apartments collective sale committee, said: "Even after the announcement of fresh cooling measures in December 2021, the owners remained united and hopeful of a successful sale."
Ms Tan Hwee Bin, executive director of Wing Tai Holdings, said: "Given the limited supply of new residential developments in the area, we are confident that demand for this new project will be strong."
The site is located within the Jurong Lake District, which has been earmarked as the second Central Business District.
It is a 10-minute drive to the future Jurong Innovation District, which will become the centre for advanced manufacturing and research and development. Plans to develop an integrated tourism attraction within the Jurong Lake District are also under way.
Located near Lakeside MRT station, the site is also close to regional shopping malls such as Jem, Westgate, IMM and JCube, community healthcare facilities, and the Jurong East integrated transport hub, which will be completed in 2027.