Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273 mil
According to Tracy Goh, head of investment as well as cumulative sales at PropNex, the tender was “fiercely opposed” due to the growth’s enticing area in the Jurong region as well as long term growth capacity.
Leading realty constructor Wing Tai Holdings has already won the tender for the cumulative sale of Lakeside Apartments in Jurong. The constructor paid $273.88 million for the 99-year leasehold area. PropNex Realty was the special marketing representative for this cumulative deal.
“Given the limited supply of new property growths in the location, we are certain that need for this new assignment will certainly be strong. We are thrilled to be part of the Jurong Lake District transformation and also anticipate constructing an iconic development which accommodates the today’s lifestyle requirements of home customers,” mentions Tan Hwee Bin, executive director of Wing Tai Holdings.
Based on a close computation of the land cost, this translates to about $1,250 psf per plot ratio (ppr) to $1,260 psf ppr, with no including the bonus porch space.
The acquisition rate of Lakeside Apartments is about $33.88 million (14%) greater than the $240 million reserve cost provided when the 120-unit improvement was released for shared sale in March this year. According to PropNex, all owners stands to earn proceeds of $2.28 million from the purchase.
Lakeside Apartments at 9E & 9F Yuan Ching Roadway rises around the edge of Jurong Lake Gardens. The 134,177 sq ft website has a gross plot ratio of 2.1 under the current master plan. The site is offered by the neighboring Lakeside MRT Terminal on the East-West Line, and also has roadway connectivity through the Ayer Rajah Expressway and also the Pan Island Expressway. The site is likewise inside the Jurong Lake Area, which has been allocated as a 2nd CBD in Singapore by metropolitan organizers.
“The relatively minimal supply of new private residential projects in the Lakeside place further increased the allure of this shared sale area, with builders anticipating well-balanced future demand for estates to be improved the plot,” she says.
The owners of Lakeside Apartments launched their primary collective sale effort in 2018 with the exact same reserve cost of $240 million, which reflected a land rate of around $1,077 psf per plot ratio, right after considering the contract top-up rates as well as development fee.
According to an announcement by Wing Tai on May 26, the maker wants to redevelop the area into a housing growth with more than 300 units. The design of the plan will emphasize the beachfront scenery of Jurong Lake and also the greenery around the close-by Chinese and Japanese Gardens.
