March 21, 2022
SINGAPORE, 21 March 2022 – PropNex Realty, Singapore’s largest real estate agency has today announced that Lakeside Apartments at 9E, 9F Yuan Ching Road will be put up for collective sale via public tender on 22 March 2022. It has a reserve price of $240 million, which works out to a land rate of $1,077 psf per plot ratio (psf ppr) including the lease top up premium and development charge.
Lakeside Apartments comprises 120 residential units and has a 99-year leasehold land tenure commencing from March 1977. It sits on a sprawling site spanning 12,465.4 sq m (approximately 134,177 sq ft). Based on the 2019 Urban Redevelopment Authority’s Master Plan, the site has a gross plot ratio of 2.1 and is zoned for residential use. It has the potential to be redeveloped into a 24-storey residential building with 307 condominium units, averaging 915 sq ft each.
This collective sale site presents a rare opportunity for developers to create a landmark residential project right by the Jurong Lake Gardens as well as to participate in the continued transformation of the Jurong precinct. Lakeside Apartments is near the Jurong Lake District (JLD) which is earmarked as Singapore’s second central business district that will house the next generation of businesses and talent. Apart from the JLD, Lakeside Apartments is also not far from the Jurong Innovation District (JID) which will be an industrial hub for advanced manufacturing and cutting-edge research and innovation.
In addition, the Singapore Tourism Board has recently launched a request for proposals to develop and operate an integrated tourism development at JLD which could be completed from 2028. This looks set to add more vibrancy to the area and further increase the appeal of Jurong to home buyers and investors alike.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “Lakeside Apartments is strategically positioned to enjoy some of the best offerings that are found in Jurong. Being next to the Jurong Lake Gardens - Singapore’s third national gardens - sets the stage for a tranquil living environment and residents will potentially enjoy stunning unblocked views of the lake and surrounding areas from the future development. The site is also well-connected via public transport and is a short distance from the bustle of commercial activities in the JLD and JID. With the ongoing transformation of Jurong, we will likely see more firms relocating there, driving a surge in job creation in the area. We anticipate that the project is poised to enjoy an upside in capital appreciation and rental yields in the future.”
Lakeside Apartments is located near the Lakeside MRT station on the East-West Line, and is well-served by major roads and expressways, such as the Ayer Rajah Expressway and the Pan Island Expressway. Come 2027, residents can also look forward to the upcoming Jurong East integrated transport hub, which will house a bus interchange, offices, public facilities, and retail spaces.
The collective sale site is also a short journey from numerous amenities, providing future residents with plenty of lifestyle and retail options, such as JCube, JEM, Westgate, IMM and Jurong Point. For daily necessities, residents can head down to Taman Jurong Shopping Centre and Taman Jurong Market and Food Centre – both of which are just a mere 5 minutes’ walk away. It is also close to the Ng Teng Fong General Hospital and Jurong Community Hospital in Jurong East.
Meanwhile, schools nearby include Lakeside Primary School, Rulang Primary School, Jurong Secondary School, Fuhua Secondary School, River Valley High School, Millennia Institute, Nanyang Technological University, and the Canadian International School (Lakeside Campus).
“Jurong has a strong pent-up demand for new homes as there have been limited private residential project launches in recent years. In particular, the Lakeside area had no new launches since Lake Grande in 2016. In addition, the healthy response to the new launch Parc Clematis in Clementi – which is about 95% sold – indicates a strong interest for projects in Western Singapore. Despite the new cooling measures in December 2021, the primary demand from HDB upgraders remains robust and we expect the site to greatly appeal to developers, who will take note of Lakeside Apartments’ competitive land price,” Ms. Goh added.
The collective sale tender exercise will close at 2 pm on 25 May 2022.
Lakeside Apartments in the foreground. Source: PropNex
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