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The purchase price of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million reserve price listed when the 120-unit development was launched for collective sale in March this year. (Picture: PropNex)
SINGAPORE (EDGEPROP) - Leading real estate developer Wing Tai Holdings has won the tender for the collective sale of Lakeside Apartments in Jurong. The developer paid $273.88 million for the 99-year leasehold site. PropNex Realty was the exclusive marketing agent for this collective sale.
Based on an approximate calculation of the land rate, this translates to about $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, without including the bonus balcony area.
The purchase price of Lakeside Apartments is about $33.88 million (14%) higher than the $240 million reserve price listed when the 120-unit development was launched for collective sale in March this year. According to PropNex, each owners stands to receive proceeds of $2.28 million from the transaction.
The owners of Lakeside Apartments launched their first collective sale attempt in 2018 with the same reserve price of $240 million, which reflected a land rate of about $1,077 psf per plot ratio, after factoring in the lease top-up premium and development charge.
According to Tracy Goh, head of investment and collective sales at PropNex, the tender was “hotly contested” due to the development’s appealing location in the Jurong area and future growth potential.
“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,” she says.
Lakeside Apartments at 9E & 9F Yuan Ching Road is located along the edge of Jurong Lake Gardens. The 134,177 sq ft site has a gross plot ratio of 2.1 under the latest master plan. The site is served by the nearby Lakeside MRT Station on the East-West Line, and has road connectivity through the Ayer Rajah Expressway and the Pan Island Expressway. The site is also within the Jurong Lake District, which has been earmarked as a second CBD in Singapore by urban planners.
According to a press release by Wing Tai on May 26, the developer intends to redevelop the site into a residential development with more than 300 units. The design of the project will highlight the waterfront views of Jurong Lake and the greenery around the nearby Chinese and Japanese Gardens.
“Given the limited supply of new residential developments in the area, we are confident that demand for this new project will be strong. We are excited to be part of the Jurong Lake District transformation and look forward to building an iconic development which caters to the modern lifestyle needs of home buyers,” says Tan Hwee Bin, executive director of Wing Tai Holdings.