SINGAPORE, 13 July 2022 – PropNex Realty, the exclusive marketing agent of the Lakepoint Condominium collective sale has today announced updates to the land planning parameters for the site, following a reply from the Urban Redevelopment Authority (URA).
The URA has informed the Lakepoint Condominium Collective Sale Committee that it is prepared to relax the height controls for the future development to be built on the Lakepoint Condominium collective sale site, subject to certain conditions and detailed evaluation when the formal planning application is received.
In addition, the JTC has also confirmed the development baseline and this translates to an estimated land rate of $988 per square foot per plot ratio (psf ppr) inclusive of lease top up premium and development charges including 7% balcony space. The reserve price remains at $640 million.
The 99-year leasehold Lakepoint Condominium in Jurong West was relaunched for collective sale via tender for $640 million on 19 April 2022. The tender closed at 2pm on 8 June 2022 without bids and entered into private treaty negotiations.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “We are heartened that the URA is prepared to relax and support the varying height controls for the redevelopment of Lakepoint Condominium, subject to conditions being met. Indeed, the height control for this site was one concern raised among some interested parties during the tender and we believe URA’s latest reply will go some way in addressing the issue. With some of the blocks going as high as 12 and 16 storeys, this will enable the architect to capture stunning views of the Jurong Lake Gardens in the new development. We are presently in private treaty talks with a few developers and look forward to garnering a positive outcome for the owners.”
Lakepoint Condominium has a site area of 562,286 sq ft and it is zoned for residential use, with a plot ratio of 1.4, under the URA Master Plan 2019. The development comprises 304 residential units and 5 shop units and it is located within walking distance to the Lakeside MRT station. The site is also near the Jurong Lake District, which will be the largest mixed-use business district outside the city centre.
All offers for the Lakepoint Condominium site will be reviewed by 22 July 2022 at 2pm and interested parties should submit their offers by then.
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