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Lakepoint Condominium up for en bloc sale for $640m

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Lakepoint Condominium up for en bloc sale for $640m

Lakepoint Condominium near Jurong Lake District has been put up for collective sale via public tender, carrying a reserve price of $640 million, reported The Business Times.

Developed by Jurong Town Corporation, the 36-year-old property comprises 304 residential units that range from studio units to penthouses, as well as five shop units. It is nestled on a 99-year leasehold site, which has an area of 52,238 sq m site and a plot ratio of 1.4.

The development is near Jurong Innovation District, Jurong Industrial Park and Jurong Mega Port. It is a five minute-walk from Lakeside MRT station and is close to shopping malls like Westgate, JEM, IMM and JCube.

Joint marketing agents Strata AMC and SLP International Property Consultants noted that a pre-application feasibility study indicated that the site could support higher density development on the basis of traffic impact studies.

“Interested developers are thus encouraged to explore an intensification of plot ratio for redevelopment of the site,” they said.

The property is expected to attract robust interest from established developers both locally and overseas, given its large land size. New homes around Jurong Lake District have also been limited, added the agents.

The last land sale within the area was the sale of a government site at Jurong West Street 41 in March 2015. The 710-unit condominium developed on the site, Lake Grande, has since been fully sold.

The tender for Lakepoint Condominium closes on 10 September.

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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg