Lakepoint Condominium relaunched for collective sale at $640 mil

SINGAPORE (EDGEPROP) - Lakepoint Condominium, a 99-year leasehold development located on Lakepoint Drive in Jurong, will be relaunched for collective sale on April 19, according to marketing agent PropNex Realty.

The property will be put on the market at a reserve price of $640 million, which works out to an estimated land rate of $959 to $982 psf per plot ratio (ppr), inclusive of the development charge and lease top-up premium from JTC Corp.

The reserve price is unchanged from the previous tender launch for Lakepoint Condominium back in October of last year. The last tender closed on Dec 22, 2021, with offers falling short of the reserve price.

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

Lakepoint Condominium sits on a plot spanning 562,286 sq ft and comprises a total of 309 units. Based on the 2019 Master Plan, the site has a plot ratio of 1.4 and is zoned for residential use. It has the potential to be redeveloped into 860 new condominium units, averaging 915 sq ft each, subject to the planning authority’s approval.

Based on the site’s plot ratio, the development has a maximum height allowance of five storeys. However, since the last tender closing, the owners of Lakepoint Condominium have sought planning permission from URA for a higher height allowance and this was recently approved, says Tracy Goh, head of investment and collective sales at PropNex. “With this, the successful buyer of the site will be able to build a mixture of residential blocks of five storeys and 12 storeys which will greatly enhance the attractiveness of the site,” she explains.

The Land Transport Authority has also confirmed that a pre-application feasibility study on the traffic impact for redevelopment is not necessary for this site, Goh adds.

Lakepoint Condominium is located about 300m from Lakeside MRT Station on the East-West Line. It is also within walking distance to Jurong Lake Gardens.

Goh anticipates the site to benefit from the ongoing development of the Jurong Lake District, which is earmarked as Singapore’s second CBD, as well as its proximity to the Jurong Innovation District. “The Lakepoint Condominium collective sale site is well-positioned to enjoy the potential upside in capital appreciation and rental yields from the transformation efforts in the area,” she remarks.

The tender exercise will close on June 8 at 2pm.