SINGAPORE (THE BUSINESS TIMES) - Lakepoint Condominium closed its collective sale tender without bids and is now entering into private treaty negotiations with interested parties, said exclusive marketing agency PropNex Realty in a statement on Wednesday (June 8).
This is the latest sale attempt by the owners of the 99-year leasehold Jurong condominium. The previous tender had also closed without a bid on Dec 22 last year.
"While there was interest in the Lakepoint Condominium site among developers, we did not get a bid at the close of the collective sale tender, " said Tracy Goh, PropNex's head of investment and collective sales.
The reserve price for the latest tender remained unchanged at $640 million. However, when a development charge and lease top-up premium from JTC are included, the total quantum a buyer would have to fork out for the site will likely bring it to around $800 million.
That would put the price tag above the top bid of $671.5 million for the recent state tender of the Pine Grove site, making potential buyers more cautious.
Lakepoint Condominium comprises 304 residential units and five shop units and sits on a land plot spanning 562,286 square feet zoned for residential use under the Urban Redevelopment Authority's (URA) Master Plan 2019. It has a plot ratio of 1.4.
The property is located around 300 metres to Lakeside MRT Station and is within walking distance to Jurong Lake Gardens as well as other amenities and schools.
The condominium's owners had recently obtained URA approval for higher height redevelopment, which would allow the site's buyer to build a mix of residential blocks five storeys and 12 storeys high.