The group sale of Lakeside Towers has been relaunched with the same reserve price of $350 million using JLL acting as sole agent for marketing.
Lakeside Towers The property is 99-year leasehold property that has 144 units within two towers of 20 stories at 9G, and 9H Yuan Ching Road, next to Jurong Lake Gardens. The Property was put up to be sold earlier in the year, and an auction that closed in April. The site has attracted a variety of offers of interest, as well as an offer that was lower than the owners’ reserve value of $350 million.
With the owners’ trust of a sale to follow and the confidence of their buyers, the Lakeside Towers Collective Sale committee initiated a second tendering process with an identical reserve of $35 million in the words of Tan Hong Boon, executive director of JLL.
In the 2018 Master Plan, the 153,237 square feet site is classified as residential with Gross plot ratio (GPR) in the range of 2.1. However, the as-built gross floor area corresponds to an GPR 2.36. 2.36.
With the reserve price that is $350m, the per-unit land cost is $1,244 psf/plot proportion (psf ppr) at the GPR base of 2.36 after taking into account an estimated lease top-up fee without any land betterment fee.
If your bonus of 10% Bonus GFA is taken into account fully the unit land rate will be around $1,198 psf per ppr. This includes of the lease top-up cost and land improvement charge.
The site could be redeveloped to create a brand-new 395-unit condominium, according to JLL’s Tan. The property is located near Jurong Lake Gardens, and it is only a ten minute walk to Jurong Lake and the Lakeside MRT Station. It is close to Jurong Point Shopping Centre and the Jurong East MRT interchange station.
The previous Lakeside Apartments next the Lakeside Towers was successfully sold in a single transaction to the well-established registered property developer Wing Tai Holdings in May 2022. The price was $273.88 Million ($1,250 to $1,260 per square foot ppr). Wing Tai intends to will begin construction of its new condominium in the coming months.
Park View Mansions Another 99-year leasehold condominium on Yuan Ching Road, is right next to Lakeside Apartments. The site was acquired in a single transaction in the amount of $260million ($1,023 per square foot ppr) from a group comprised comprising Chip Eng Seng, SingHaiyi Group, KSH Holdings and Ho Lee Group in July 2022. The consortium plans to transform the site into an exclusive condo of 440 units.
On June 22nd, URA launched the tender for the 6.8-ha master developer white site to help kick-start the development of the 120-ha precinct. The site is situated in the center of Jurong Lake District. It will be home to premium apartments office space, recreational facilities and offices in the brand new, green and car-lite area.
Lakeside Towers will benefit from the extensive masterplan of the government to make the area the second CBD JLL’s Tan. “Supported by the strong growth prospects, developers can confidently bid for this site to benefit from the increasing demand for houses and investments in this region,” says JLL’s Tan.
This tender process for Lakeside Towers closes on Thursday the 10th of August.