Here is one more addition to the list of collective sales with a price of two hundreds of forty millions; The Lakeside Apartments. This is a total area of 134,176 square feet. The tender for this property was released recently on Tuesday when around 80% owners of this site agreed for sale. It means that each owner of this development of 120 unit can earn around 2 million dollars.
This site is located within the Jurong district along Yuan Ching Road and is zoned as a residential property with a plot ratio of 2.1. It has two residential blocks of 15 levelsand out of 99 years lease of this property, 58 years are left ahead. Developers also need to deal with the premium of slightly less than fifty-six million dollars for both the land use intensification as well as to top-up the lease to 99-years.
Marketing agent of SLP International recently said that Lakeside Apartments at Jurong Lake are considered as an iconic site for the developmentof residential property. Its unblocked frontage to the beautiful lake makesit an exceptional site for redevelopment. Another attractive plus point of Lakeside Apartment is its management is held by JTC for a long run, butas per the recent statement, givenby the executivedirector of ZACD Group, Mr. Nicholas Mak, the management is now handed over to the residential owners.
There also also another 3 freehold residential land out of which two are popular prime districts and are launched for salea few days ago. Elizabeth Tower is the largest plot among these three and in District 9 of Mount Elizabeth, it is considered as a mostvaluable residential development site with a price of approximately 610 million dollars. The land rate for this property is estimated to translate into 2,416 dollars psfppr.
Along with this awesome residential site, another collective sale site was also launched in Newton/Novena Enclave, andit is popular as Gilstead Court. It is also a residential site with an approximatearea of 75,479 square feet. JLL is the sole marketing agent of this property, andthe reserveprice is set to be 168 million dollars. There are 24 different apartments with 1,390 square feet dimension, 24 units having 1,464 square feet area and 3 four-story blocks of apartments.
The Lakeside Apartments tender is open till 24thJuly whereas tender for Gilstead Court and Elizabeth Towers will be open up to July 10 and July 19, respectively.
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Developments that are acquired via Enbloc sales and will be released for sales soon.