Lakepoint Condominium En Bloc Offer Below Reserve Price

General

Last Updated: Apr 21, 2022

NEWS FLASH:

It is announced on Monday 18th April 2022 that since the last Lakepoint Condominium en bloc which closed on 22nd Dec 2021 was unsuccessful, the collective sale will be launched again on 19th April 2022. It will be at the same reserve price of S$640 million which works out to be S$959 – S$983 per square foot per plot ratio (psf ppr). This land rate includes the topping up premium to 99-year leasehold and the development charge. The last tender had closed without a bid submitted so owners went into a private treaty negotiation.

In the Jurong Lake District, a collective sale is held for an old condominium development named Lakepoint Condominium. The tender was launched for the en bloc on 21 Oct 2021 at a reserve price of S$640 mil. Tender closed at 2pm on 22 Dec 2021. The land rate is S$959 per square foot per plot ratio (psf ppr) based on the above reserve price and after taking into account the development charges and the topping up of the lease to 99 years. As offers fell short of the reserve price, Lakepoint Condominium has entered into a private treaty negotiation process. The en bloc is handled by its exclusive agent, Propnex.

Due to the 16 Dec 2021 new cooling measures, the 10-week process of private treaty negotiations would allow keen parties time for a strategic review of their plans. Lakeview Condo’s proximity to the Jurong Lake District with major transformation plans in the works makes this site very attractive. In addition, there are currently no new launches in the Jurong precinct so there is definitely heightened demand for more new private housing in this area.

Lakepoint Condominium:

Lakepoint Condominium
Image credit:ura

Jurong Lake District:

The Jurong Lake District is the 2nd largest Central Business District in Singapore. With this comes exciting plans for this area. In the pipeline is the 600-hectare Jurong Innovation District for advanced manufacturing which will further define Singapore on the world map.

Besides being within walking distance to the Lakeside MRT station (East-West Line), Lakepoint condominium is also in close proximity to shopping malls such as IMM, Westgate, Jem, JCUBE and the Jurong Point Shopping Mall; markets such as Taman Jurong Market and Boon Lay Place Market; as well as schools like Rulang Primary School, ShuQun Primary School, River Valley High and the Canadian International School. Enjoy an evening stroll at the ever popular Chinese and Japanese Gardens and the Jurong Lake Gardens.

Lakepoint Condominium Information:

Lakepoint Condominium Singapore is a 99-year leasehold property sitting on a huge piece of land of 562,286 sqft with 309 residential units. It was built in 1983. The condo’s plot raio is 1.4.

The Last Jurong New Condo Launch In 2015:

The last new condo launch in Jurong was in 2015 and that is the development Lake Grande which is located at Jurong West St 41. The 99-year land plot was launched under the government land sale (GLS) programme.

Source: https://www.businesstimes.com.sg/real-estate/en-bloc-hopeful-lakepoint-condominium-now-in-private-talks-after-offers-fall-short-of

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