Lakeside Apartments En Bloc Sale To Wing Tai At S$273.9m

General

Last Updated: Jun 11, 2022

Lakeside Apartments en bloc tender closed on 25 May 2022. It is their second attempt at collective sale. Winning the tender for Lakeside Apartments at about S$273.9 mil, Winville Investment, a wholly-owned subsidiary of Wing Tai Holdings paid 14% premium over the reserve price of S$240 mil.

Lakeside Apartments En Bloc:

Lakeside Apartments En Bloc

Image credit:googleearth

This Singapore condo is located in the west, at 9E and 9F Yuan Ching Road. The condo sits on a 12,465.4 m2 land with a 2.1 plot ratio.

There hasn’t been any new condo launches in the west since the last launch in 2016 which is Lake Grande by MCL Land. The average price is S$1,554 psf according to Squarefoot report as at 26.5.2022.

Jurong Lake District

Lakeside Apartments is located within the Jurong Lake District (JLD). JLD will become Singapore’s second Central Business District (CBD). Singapore’s top two universities are also located in the West Region, providing a strong talent pool. The nearby Jurong Innovation District,Tuas Port and one-north hub make the Jurong Lake District a great location to access the universities, maritime and port industries. Besides, plans are afoot for an integrated tourism attraction.

The New Residential Development

The new condo launch replacing the Lakeside Apartments is expected to draw a high level of attention as there is a shortage of new residential developments in the area. There will be more than 300 residential units adjacent to the Jurong Lake, offering views of the lake and its surroundings. The developer, Wing Tai, will develop a high-quality project that meets the needs of modern homebuyers. This Singapore condo will invariably be part of the Jurong Lake transformation.

Nearby Lakepoint Condominium Also Hopeful For En Bloc:

A nearby development, Lakepoint Condominium, is also gunning for en bloc. Having failed to receive a bid in December 2021, the property was re-offered for collective sale in April 2022 at the same reserve price of S$640 million.

Lakeside Apartments En Bloc Site:

The existing 99-year leasehold residential development, Lakeside Apartments, has 120 units. The tenure started in Mar 1977 till now which makes it almost 45 years old now.

A first en-bloc sale was conducted in June 2018 without any successful bids. Later on, talks about lowering the reserve price of S$240 mil to S$205 mil in 2019 were quoted.

Lakeside Apartments en bloc was relaunched again in Mar 2022. The new price equates to a S$1,077 land rate per square foot per plot ratio (psf ppr), including a lease top-up premium and development charges.

source:https://www.businesstimes.com.sg/companies-markets/wing-tai-bags-lakeside-apartments-for-s2739-million-above-reserve-price

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