The cumulative sale tender for Lakepoint Condominium – a 99-year leasehold growth situated in Jurong – has closed on June 8 without any proposals, according to advertising agent PropNex Realty.

” While there was rate of interest in the Lakepoint Condominium website amongst designers, we did not get a bid at the close of the cumulative sale tender,” says Tracy Goh, head of financial investment and also collective sales at PropNex.

Bukit Batok EC Is Situated Only Three Minutes From the Nearby Bukit Batok Mrt Station

It is one of the few ECs in the western part of Singapore. Bukit Batok EC is near Ikea Tampines and the future Pasir Ris MRT station. In terms of education, the area has a variety of schools and other facilities. Moreover, it is located within walking distance of the MRT station. If you are a student, the Bukit Batok EC is the perfect place for you.

One of the many benefits of living in Bukit Batok EC is its convenience. The Bukit Batok EC is situated only three minutes from the nearby Bukit Batok MRT station. Those who work downtown will appreciate the location’s proximity to major transportation hubs. The Bukit Batok MRT station is adjacent to Jurong East Shopping Centre and Woodlands MRT stations, making it convenient for commuters and long-term residents alike.

The Bukit Batok EC site is a hybrid of public and private development. It is near the Jurong East Shopping Centre and is expected to yield approximately 375 units. The property is close to major amenities and is in a great location, which will appeal to both homebuyers and investors. The site is currently only a portion of the total site area, but the location offers great convenience to those who work nearby.

The home was released for collective sale on April 19 at a book rate of $640 million, which exercises to an estimated land rate of $959 to $982 psf per plot ratio (ppr), comprehensive of the development fee as well as lease top-up premium from JTC Corp

. Proprietors of Lakepoint Condominium will certainly currently enter into exclusive treaty settlements with interested parties, states PropNex’s Goh. Under legislations regulating collective sales, owners of the advancement might participate in a private treaty agreement with a customer within 10 weeks from the tender closing day.
Lakepoint Condominium remains on a site covering 562,286 sq ft as well as makes up an overall of 309 systems. Based upon the 2019 Master Plan, the website has a story ratio of 1.4 as well as is zoned for household usage. It has the possible to be redeveloped into 860 new condominium systems, balancing 915 sq ft each, based on the preparation authority’s authorization.

Map and introduction of Lakepoint Condominium
The development lies regarding 300m from Lakeside MRT Station on the East-West Line. It is additionally within walking range to Jurong Lake Gardens.

The tender closure for Lakepoint Condominium comes two weeks after Lakeside Apartments, an additional 99-year leasehold website located in Jurong, was offered to Wing Tai Holdings for $273.88 million. The land rate for the cumulative sale is estimated to be around $1,250 psf ppr to $1,260 psf ppr, without consisting of the benefit porch location.

The purchase cost of Lakeside Apartments has to do with $33.88 million (14%) more than the $240 million book price listed when the 120-unit growth was released for cumulative sale in March this year. Propnex was also the special marketing representative for that deal.

The residential property was launched for collective sale on April 19 at a reserve rate of $640 million, which functions out to an estimated land rate of $959 to $982 psf per plot ratio (ppr), inclusive of the advancement cost and lease top-up premium from JTC Corp

. Owners of Lakepoint Condominium will currently get in into exclusive treaty arrangements with interested celebrations, states PropNex’s Goh. Under laws governing cumulative sales, owners of the development may enter right into a personal treaty contract with a buyer within 10 weeks from the tender closing day.