Lakeside Apartments along Yuan Ching Road is up for collective sale again at a reserve price of S$240 million. The reserve price works out to a land rate of S$1,077 per square foot per plot ratio (psf ppr), including a lease top-up premium and development charge.
Lakeside Apartments sits on a site spanning 12,465.4 sq m (about 134,177 sq ft) zoned for residential use. With a gross plot ratio of 2.1, the plot has the potential to be redeveloped into a 24-storey residential building with 307 condominium units, averaging 915 sq ft each, PropNex said.
Lakepoint Condo is up for en bloc sale again with the last tender closed on Dec 22 2021 without a bid. The reserve price remains unchanged at S$640 million, which translates to a land rate of S$959 to S$982 per square foot per plot ratio, including the development charge and a lease top-up premium from JTC.
The owners of Lakepoint Condominium recently obtained URA approval for higher height redevelopment. Thus, the buyer of the site will be able to build a mix of residential blocks 5 storeys and 12 storeys high, which “greatly enhances the attractiveness of the site”, PropNex noted.
Evaluating Both Sites
Lakeside Apartments is located along the newly revamped Jurong Lake Gardens which is within a minute stroll to the second National Gardens. The higher floor units will definitely enjoy permanent unblocked views of the Jurong Lake along with good natural light and ventilation. The price tag at S$240 million will be attractive to a bigger pool of developers who prefer to stay conservative as new launch prices in the OCR cross the S$2,000 psf mark.
Lakepoint Condominium is in a more favourable position except for the hefty price tag which may see 2 or more developers forming a joint venture to share risk. It boasts an ideal location which is within 1km to the popular Rulang Primary School, 300m to the Lakeside MRT Station and in the vicinity are mostly low-rise buildings. Despite its closeness to the overland MRT tracks, the site is behind the newer developments which helps to buffer the track noise.
District 22 has not seen an en bloc yet despite Ivory Heights and Lakeside Apartments attempts to do so a few years ago. However the recent push by the government into tourism development near the Chinese Garden MRT could prompt the property developers to relook into the potential of the Jurong property market, which already has a concentration of good quality malls in the locale brimming with high footfall.