Lakeside Apartments up for collective sale again at $240 million

Located near Jurong Lake Gardens and the Jurong Lake District, Lakeside Apartments comprises 120 residential units. PHOTO: PROPNEX

SINGAPORE (THE BUSINESS TIMES) - Lakeside Apartments at Yuan Ching Road will be put up for collective sale again on Tuesday (March 22) at a reserve price of $240 million, marketing agent PropNex Realty said on Monday.

The asking price is the same as the development's 2019 collective sale price, although the collective sales committee had proposed cutting the property's reserve price to $205 million from $240 million at the time.

The reserve price works out to a land rate of $1,077 per square foot per plot ratio, including a lease top-up premium and development charge.

Located near Jurong Lake Gardens and the Jurong Lake District, Lakeside Apartments comprises 120 residential units and has a 99-year leasehold land tenure commencing from March 1977.

It sits on a site spanning about 134,177 sq ft zoned for residential use. With a gross plot ratio of 2.1, the plot has the potential to be redeveloped into a 24-storey residential building with 307 condominium units, averaging 915 sq ft each, PropNex said.

The property is near Lakeside MRT station on the East-West Line, and is well-served by major roads and expressways, such as the Ayer Rajah Expressway and the Pan Island Expressway.

It is also in the vicinity of the upcoming Jurong East integrated transport hub - slated for completion in 2027 - which will house a bus interchange, offices, public facilities and retail spaces.

Amenities nearby include Taman Jurong Shopping Centre and Taman Jurong Market and Food Centre, Ng Teng Fong General Hospital, Jurong Community Hospital, as well as shopping malls such JCube, Jem, Westgate, IMM and Jurong Point.

Schools in the area include Lakeside Primary School, Rulang Primary School, Jurong Secondary School, Fuhua Secondary School, River Valley High School, Millennia Institute, Nanyang Technological University and the Canadian International School (Lakeside Campus).

PropNex head of investment and collective sales Tracy Goh said: "With the ongoing transformation of Jurong, we will likely see more firms relocating there, driving a surge in job creation in the area. We anticipate that the project is poised to enjoy an upside in capital appreciation and rental yields in the future."

She noted that Jurong has a strong pent-up demand for new homes as there have been limited private residential project launches in recent years. In particular, the Lakeside area has had no new launches since Lake Grande in 2016.

PropNex said the collective sale presents a "rare opportunity" for developers to create a landmark residential project right by the Jurong Lake Gardens as well as to participate in the continued transformation of the Jurong precinct.

The collective sale tender will close at 2pm on May 25.

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