Lakepoint Condominium is up for collective sale via tender with a reserve price of $640 million. The joint marketing agents of the collective sale of Lakepoint Condominium, International Property Consultants and Strata AMC, said that given its large land size, the property is likely to garner strong interest from local and foreign developers.
Image credit: Google Map
The marketing agents added that Lakepoint Condominium would be especially appealing because new homes have been in limited supply around the Jurong Lake District area.
Lakepoint Condo is a 99-years leasehold development located at 2 – 10 Lakepoint Drive. Located at District 22 near Lakeside MRT and Boon Lay MRT Station, the Lakepoint Condominium was completed in 1983, and it comprises of 304 units.
Located nearby are Chinese Garden and Jurong Point. Condo Facilities at Lakepoint Condo Lakepoint Condo has full facilities, which includes covered car park, 24 hours security, wading pool, swimming pool, BBQ pits, gym, tennis and squash courts, and a playground.
Lakeside MRT station is located within minutes from the development and there are several bus services available close by. Most schools, restaurants, and eating establishments are located just a short drive away. Other amenities near Lakepoint Condominium include supermarkets, numerous restaurants, eating establishments, and Jurong Point Shopping Centre.
In addition, recreational facilities, such as The Fairway Country Club and the Chinese Garden, are also within reasonable driving distance. For vehicle owners, it takes about 20 minutes to travel to the business hub and the Orchard Road shopping district, via Ayer Rajah Expressway.
The public tender for Lakepoint Condominium will close on Sept 10, 3pm.
The vibrant en bloc sale market was checked with the introduction of the property cooling measures introduced by the Government in July last year. The Government said the property cooling measures were necessary to check sharp increase in prices, which could run ahead of economic fundamentals and raise the risk of a destabilising correction later, especially with rising interest rates and the strong pipeline of housing supply.
Some observers said that the en bloc sales market will be dampened by the cooling measures. As developers become wary of end-demand and are hurt by the 5 per cent non-remittable Additional Buyers’ Stamp Duty (ABSD) on land purchase, it is expected to have an impact on their offer prices.
Before the introduction of the property cooling measures, overall private property prices rose across most market segments, with the largest price surge seen in the Core Central Region (5.5%) and Outside of Central Region (5.6%).
As developers’ existing stock continues to diminish and supply of completed homes remain low, many projects especially those in the CCR have raised prices of their unsold units, some by even double-digits this year. Private residential market continued to gain traction with individual re-sellers have also seized the opportunity of increasing their asking prices in light of the more positive market sentiment fueled by the recent collective sales frenzy.
The higher launch prices at some new projects have however slowed the buying momentum in the primary market and sales volume has dipped considerably quarter-on-quarter. While overall sales had slipped quarter-on-quarter, it rose marginally on a year-on-year basis.
Mr Paul Ho, the chief mortgage officer at iCompareLoan said, “despite the cooling measures, Lakepoint Condominium may appeal to developers because it is in the Jurong Lake District, which is billed as the second Central Business District of Singapore.”
He added: “Whatever decisions owners facing en bloc sale make, it is better to make it fast so that the sale (or non-sale) can be concluded with minimal delay and maximum benefit to the owners.”
One way is to conduct a Collective Sales Agreement (CSA) as well as concurrently collect a “Non Collective Sales Agreement (NCSA)”, so that once a NCSA reaches 20%, the collective sale process is called off. There is really no point to drag on.
Mr Ho suggested that if one’s home is at risk of en bloc, the owner could consider a home loan where there is no locked-in penalty, but instead entails a higher housing interest rate cost. The next best option is to look for packages with a waiver of locked-in penalty due to sale of property. Such owners may contact a mortgage broker to assist them to find such packages with waiver of locked-in penalty.
Whatever decisions owners facing en bloc sale make, it is better to make it fast so that the sale (or non-sale) can be concluded with minimal delay and maximum benefit to the owners. One way is to conduct a Collective Sales Agreement (CSA) as well as concurrently collect a “Non Collective Sales Agreement (NCSA)”, so that once a NCSA reaches 20%, the collective sale process is called off. There is really no point to drag on.
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