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Lakepoint in Jurong launches collective sale bid

[Edited to clarify that the owners of Lakepoint Condominium hold the 99-year leasehold. But JTC as landlord owns the 999-year leasehold site. – July 23, 8 pm] Lakepoint Condominium in Jurong West has been launched for collective sale, announced marketing agencies Strata AMC and SLP International Property Consultants. The asking price will be disclosed only...

[Edited to clarify that the owners of Lakepoint Condominium hold the 99-year leasehold. But JTC as landlord owns the 999-year leasehold site. – July 23, 8 pm]
Lakepoint Condominium in Jurong West has been launched for collective sale, announced marketing agencies Strata AMC and SLP International Property Consultants. The asking price will be disclosed only in discussions with interested developers, the agencies say.
The 36-year-old condo is next to the Jurong Lake District and was developed by Jurong Town Corporation in the 1980s. The development sits on a 562,285 sq ft plot which has about 63 years left to its 99-year lease. The 304-unit condo comprises maisonettes, studios, townhouses, penthouses, and five shop units.
The site has a gross plot ratio of 1.4 under the 2019 Draft Master Plan, and the development has a baseline record of 962,034 sq ft that points to potential intensification. A pre-application feasibility study indicates that the site is able to support a higher density based on traffic impact studies.
“Given its positive, large site attributes, Lakepoint Condominium is likely to gain strong keen interests from established developers, both local and overseas,” the agencies say. New private residential developments are in limited supply around the Jurong Lake District area. The last government land tender in the vicinity was in 2015 and the site has been developed into the 710-unit Lake Grande, they add.
Lakepoint Condominium is a five-minute walk to the nearby Lakeside MRT Station on the North-South Line. It is also close to shopping malls such as JEM, Westgate, IMM, and JCube. Nearby educational institutions include River Valley High School, the Canadian International School, and Nanyang Technological University.
The tender for the collective sale closes on Sept 10.

News Source: EdgeProperty Singapore, 23July 2019

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