Lakeside Apartments, a 120-unit residential property, will be put up for collective sale at a reserve price of $240 million via public tender. (Credit: PropNex Realty)
SINGAPORE (EDGEPROP) - Lakeside Apartments, a 120-unit residential property located at 9E, 9F Yuan Ching Road will be put up for collective sale at a reserve price of $240 million via public tender on March 22.
The development sits on a 134,177 sq ft land parcel with a 99-year lease from March 1977. The site has a gross plot ratio of 2.1, based on the 2019 Master Plan and can potentially be redeveloped into a new 24-storey residential building with 307 condominium units with average unit size of 915 sq ft each.
Based on the reserve price and after factoring the lease top-up premium and development charge, the price works out to $1,077 psf per plot ratio (psf ppr), according to PropNex, the marketing agent handling the collective sale.
Lakeside Apartments is located next to Jurong Lake Gardens, near the Lakeside MRT station on the East-West Line. Amenities close by include malls such as JCube, JEM, Westgate, IMM and Jurong Point. It is also near Taman Jurong Market and Food Centre, Ng Teng Fong General Hospital and Jurong Community Hospital. Schools in the vicinity include Lakeside Primary School, Jurong Secondary School and Nanyang Technological University.
In addition, Lakeside Apartments is close to the Jurong Lake District (JLD), earmarked as Singapore’s second central business district, as well as the Jurong Innovation District industrial hub. The Jurong precinct is undergoing significant transformation, with the Jurong East integrated transport hub slated to open in 2027. The Singapore Tourism Board has also launched a request for proposals to develop and operate an integrated tourism development at JLD which could be completed from 2028.
“With the ongoing transformation of Jurong, we will likely see more firms relocating there, driving a surge in job creation in the area,” says Tracy Goh, head of investment and collective sales at PropNex Realty. “Jurong has a strong pent-up demand for new homes as there have been limited private residential project launches in recent years,” she adds.
Despite the new cooling measures rolled out last December, demand for private condo from HDB upgraders remains robust, according to Goh. “We expect the site to greatly appeal to developers who will take note of Lakeside Apartments’ competitive land price,” she says. “We anticipate that the project is poised to enjoy an upside in capital appreciation and rental yields in the future.” (Discover insightful data of any Singapore condominium with our condo directory)
The collective sale tender exercise for Lakeside Apartments closes on May 25.
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