Lakepoint Condo tender closes with bids below reserve price, enters private treaty

SINGAPORE (EDGEPROP) - The collective sale tender of Lakepoint Condominium closed at 2pm today with offers falling short of the reserve price and has entered into a private treaty negotiation process, said PropNex Realty, the exclusive marketing agent of development. The 99-year leasehold Lakepoint Condominium was launched for collective sale with a reserve price of $640 million on 21 October 2021. Based on the reserve price, the land rate works out to $959 psf per plot ratio after factoring the lease top-up premium from JTC and development charges.

“In view of the new cooling measures implemented from 16 December, the 10-week private treaty negotiation process will give the interested parties ample time to review their plans and strategies,” commented Tracy Goh, PropNex head of investment and collective sales. “We remain cautiously optimistic about the collective sale tender given the attractive site location and the limited new private housing supply in the immediate areas.”

Lakepoint Condominium, which comprises 309 residential units sits on a 562,286 sq ft plot with a 99-year lease from 1983. Under the 2019 Masterplan, the site has a plot ratio of 1.4 and is zoned for residential use.

Located near Jurong Lake District, which is earmarked as Singapore’s second central business district and the Jurong Innovation District, Lakepoint Condominium is within walking distance to the Lakeside MRT station on the East-West Line.

Amenities in the area include markets such as Boon Lay Place Market and Taman Jurong Market; shopping malls such as JCube, JEM, Westgate, IMM and Jurong Point Mall; parks such as Jurong Lake Gardens, Chinese and Japanese Gardens; as well as schools, for instance River Valley High School, Rulang Primary School, ShuQun Primary School and the Canadian International School.