Lakeside Tower is on a 153,180 sq ft site and the unit land rate is about $1,244 psf per plot ratio. (Picture: JLL)
SINGAPORE (EDGEPROP) - Lakeside Tower, a 99-year leasehold condominium on Yuan Ching Road in District 22, has launched its collective sale tender at a reserve price of $350 million. The development is on a 153,180 sq ft site and the unit land rate is about $1,244 psf per plot ratio (ppr). This is after factoring in an estimated lease top-up premium with no land betterment charge.
Read also: Global real estate CEOs pledge to halve buildings-related emissions by 2030
According to the marketing agent, JLL, if the 10% bonus gross floor area is factored in the corresponding unit land rate will be at about $1,196 psf ppr, inclusive of a lease top-up premium and a land betterment charge.
In 2018, the owners of Lakeside Tower had attempted a collective sale, pricing the development at $305 million. But the tender closed without any successful bids.
Two nearby condos were sold in collective sales last year. In May 2022, the neighbouring Lakeside Apartments were sold to Wing Tai Holdings for $273.88 million. Beside it, the former Park View Mansion was sold for $260 million in July 2022 to a joint venture comprising CEL Development, Sing-Haiyi Pearl, and TK 189 Development.
Lakeside Tower was completed in 1981 and comprises 144 units in two 19-storey blocks. The condo is situated beside Jurong Lake Gardens. “A new residential development on this strategically located site would provide its residents with direct lakefront access and panoramic views of the lakes and gardens,” says JLL.
The condo is on the fringe of the Jurong Lake District, which has been earmarked by the government as the country’s second CBD, with rejuvenated residential and commercial neighbourhoods anchored by green spaces around Jurong Lake Gardens.
Major roads and expressways in the area include Corporation Road, Boon Lay Way, and the Ayer Rajah Expressway. Nearby MRT stations are Lakeside and Chinese Garden on the East-West Line, as well as Jurong East Interchange on the East-West and North-South Lines.
“Lakeside Towers, with its direct access and unblocked view of Jurong Lake Gardens, will provide its future residents a unique living and active lifestyle… that is difficult to replicate elsewhere on the island,” says Tan Hong Boon, executive director at JLL. “Residents will also benefit from the upcoming extensive second CBD and the tourism plans for this cluster in the years to come. We expect such excellent attributes of the site to appeal to a diverse range of buyers.”
The tender for the collective sale of Lakeside Tower closes on April 12.
Check out the latest listings near Lakeside Tower, Park View Mansion, Lakeside MRT station, Jurong East Interchange MRT station