Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
The proprietors of Lakeside Apartments released their first cumulative sale effort in 2018 with the very same reserve cost of $240 million, which reflected a land cost of around $1,077 psf per plot ratio, after factoring in the rental top-up rates as well as enhancement fee.
The purchase rate of Lakeside Apartments is about $33.88 million (14%) more than the $240 million reserve rate provided when the 120-unit construction was launched for collective purchase in March this year. According to PropNex, every proprietors stands to acquire earnings of $2.28 million from the deal.
Lakeside Apartments at 9E & 9F Yuan Ching Road rises near the side of Jurong Lake Gardens. The 134,177 sq ft spot has a gross plot ratio of 2.1 under the most up to date master plan. The location is served by the nearby Lakeside MRT Station on the East-West Line, as well as has roadway connection via the Ayer Rajah Expressway and the Frying Pan Island Expressway. The location is also within the Jurong Lake District, which has been allocated as a 2nd CBD in Singapore by metropolitan planners.
According to Tracy Goh, head of investment and shared sales at PropNex, the tender was “hotly disputed” because of the development’s appealing location in the Jurong place and also potential expansion potential.
“Given the constrained supply of new domestic growths in the area, we are confident that need for this new assignment will be strong. We are delighted to be involved in the Jurong Lake District improvement and expect building an iconic project which accommodates the cutting-edge lifestyle demands of property purchasers,” explains Tan Hwee Bin, executive supervisor of Wing Tai Holdings.
According to a release by Wing Tai on May 26, the maker intends to redevelop the site toward a household development with greater than 300 units. The layout of the plan will highlight the waterside perspectives of Jurong Lake and the greenery around the close-by Chinese as well as Japanese Gardens.
Leading real estate developer Wing Tai Holdings possesses won the tender for the collective sale of Lakeside Apartments in Jurong. The developer paid $273.88 million for the 99-year leasehold area. PropNex Real estate was the exclusive marketing realtor for this collective revenue.
“The fairly limited supply of new personal household properties in the Lakeside region better enhanced the appeal of this cumulative sale area, with builders expecting healthy future need for condos to be built on the plot,” she says.
Based on a close computation of the land cost, this converts to about $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, after consisting of the extra veranda spot.