Lakeside Apartments Sold en block at 14% Higher Value than Reserve Price

The lakeside apartments at 9F and 9E Yuan Ching Road recently won a jackpot of $273.89 million on collective sales. It was 14% higher than the reserve price of $240 million during the second attempt.

A 99-year leasehold real estate project with 120 units at Jurong Lake Gardens was sold to Winville Investment recently. The developers at this site are now planning to develop this 12,465.4 sq m site with around 300 unit residential projects.

Recent market updates reveal that owners of luxurious three-bedroom units at pre-established condos are expected to get around $2.28 million each. But PropNex Realty didn’t disclose complete data on how the land rate for this $273.89 million project was translated and what was the final bid in the tender that ended on May 25th. The reserve price of $240 million worked out to achieve the land rate of $1077/sq ft for each plot, including development charge and top-up premium for lease. Note that this site now has only 45 years left for the assigned tenure.

Lakeside apartments were expected to launch the second collective tender for sale in the month of March with the same reserve price of $240 million as of that year 2019. This decision was made despite the lower reserve price of approximately $205 million proposed by the collective sale committee.

The head of collective and investment sales at PropNex recently revealed that the tender was contested mainly due to the amazing beauty of this location, along with the stunning views of Jurong Lake Gardens. The limited supply of private residential projects at this Lakeside site is expected to attract collective sales with healthy future demands for luxury homes built on this plot. The site has a 2.1 gross plot ratio, and it has huge redevelopment potential with an approximately 24-story residential building that can have around 307 condominiums with an estimated area of 915 sq ft each.

Although the government in Singapore has recently implemented fresh cooling measures, the homeowners are still hopeful for a successful sales experience. The executive director of Wing Tai Holdings further said that the area is experiencing a limited supply of residential developments, but they are confident about the future demands, and the outcomes will be really fruitful.

This property is located in Jurong Lake District, and it is widely recognized as the second Central Business District in Singapore. People can enjoy a short 10-minute drive from this site to the Jurong Innovation District. Note that it is expected to become a center for new-age research, developments, and manufacturing in the near future. The experts here are also working on the development of tourist attractions to ensure enhanced growth opportunities in the long run.

As this site is located in close vicinity to Lakeside MRT station, it is very close to the regional shopping malls, including JCube, IMM, Westgate, and Jem. Residents will also avail great healthcare facilities at this site.




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