May 26, 2022
SINGAPORE, 26 May 2022 – PropNex Realty, the exclusive marketing agent of Lakeside Apartments in Yuan Ching Road is pleased to announce that the development has been sold for $273,888,888 via collective sale to Winville Investment Pte Ltd, a subsidiary of Wing Tai Holdings. The collective sale tender closed at 2pm on 25 May 2022.
The sale price of $273,888,888 is 14% above owners’ reserve price of $240 million. The 99-year leasehold development which located in the Jurong East area comprises 120 residential units.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “The tender was hotly contested due to its attractive location with spectacular views overlooking Jurong Lake Gardens, and its proximity to the Jurong Lake District which is envisioned to be a vibrant regional commercial hub and tourist destination. The relatively limited supply of new private residential projects in the Lakeside area further boosted the appeal of this collective sale site, with developers anticipating healthy future demand for homes to be built on the plot.”
Lakeside Apartments is situated on a sprawling site spanning 12,465 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 24-storey residential building with 307 condominium units, averaging 915 sq ft each.
John See Toh, Chairman of the Lakeside Apartments Collective Sale Committee, said, “This being our second attempt at collective sale, the owners were mostly cooperative and understood the complex nature of an en bloc sale process. Even after the announcement of fresh cooling measures in December 2021, the owners remained united and hopeful of a successful sale. We are delighted about the collective sale outcome and would like to thank PropNex for their expertise and sound market knowledge to guide us on this collective sale journey every step of the way.”
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).
The collective sale tender exercise was launched on 22 March 2022.
June 1, 2022