Lakeside Towers collective sale relaunched at $350 mil reserve price
By Cecilia Chow
/ EdgeProp Singapore |
Lakeside Towers can be redeveloped into a new 395-unit private condo (Photo: Albert Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - The collective sale of Lakeside Towers has been relaunched at the same reserve price of $350 million, with JLL as the sole marketing agent.
Lakeside Towers is a 99-year leasehold property with 144 units in two 20-storey towers at 9G and 9H Yuan Ching Road, next to Jurong Lake Gardens. The Property was launched for sale earlier this year, with a tender closing in April. The site attracted several expressions of interest and an offer below the owners' reserve price of $350 million.
With the owners' confidence in a resulting sale, the Lakeside Towers Collective Sale committee launched a second tender process at the same reserve price of $350 million, according to Tan Hong Boon, executive director of JLL.
Under the 2019 Master Plan, the 153,237 sq ft site is zoned 'residential' with a gross plot ratio (GPR) of 2.1. However, the current as-built gross floor area is equivalent to a GPR of 2.36.
At the reserve price of $350 million, the corresponding unit land rate reflects about $1,244 psf per plot ratio (psf ppr) at the base GPR of 2.36 after factoring in an estimated lease top-up premium with no land betterment charge.
When the 10% bonus GFA is factored in fully, the corresponding unit land rate will be at about $1,198 psf ppr inclusive of the estimated lease top-up premium and land betterment charge.
The site can be redeveloped into a new 395-unit private condo, says JLL's Tan. The property has direct access to Jurong Lake Gardens and is a ten-minute walk to the Lakeside MRT Station. It is near Jurong Point Shopping Centre and the Jurong East MRT interchange station.
Lakeside Towers (brown) is next to Lakeside Apartments, which has been sold to Wing Tai Holdings and Parkview Mansions, which has been sold to a consortium led by Chip Eng Seng (Source: EdgeProp Landlens)
The former Lakeside Apartments next door to Lakeside Towers was successfully sold en bloc to established listed property developer Wing Tai Holdings in May 2022 for $273.88 million ($1,250 to $1,260 psf ppr). Wing Tai intends to will launch its new condominium development later this year. (See potential condos with en bloc calculator)
Park View Mansions, another 99-year leasehold condo along Yuan Ching Road, is next door to Lakeside Apartments. The site was purchased en bloc for $260 million ($1,023 psf ppr) by a consortium made up of Chip Eng Seng, SingHaiyi Group, KSH Holdings and Ho Lee Group in July 2022. The consortium intends to redevelop the site into a 440-unit private condo.
On June 22, URA launched the tender for the 6.8-ha master developer white site for sale to kickstart the development in the new 120-ha precinct. The site is located at the centre of Jurong Lake District and will provide premium housing, offices and recreational facilities within the new, green and car-lite district.
Lakeside Towers will benefit from the government’s extensive masterplan to develop the area into the second CBD, says JLL's Tan. "Supported by strong future growth potential, developers can confidently bid for this site to capitalise on the growing demand for homes and investments in this area," says JLL's Tan.
The tender for Lakeside Towers closes on Thursday, August 10.
Check out the latest listings near Lakeside tower, Lakeside Apartments, Park View Mansion, Lakeside MRT Station, Jurong East MRT interchange station
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