The LakeGarden Residences (D22, 99 years leasehold, Wing Tai)

[New Reporter]

Wing Tai’s The LakeGarden Residences to start previews on Jul 22

Jul 21, 2023

PREVIEWS for the new Jurong project, The LakeGarden Residences, will start on Saturday (July 22), with prices starting at just under S$2,000 per square foot (psf).

The 99-year leasehold condominium by Wing Tai Holdings occupies 134,176 square feet (sq ft), with a gross plot ratio of 2.1. It was secured with a S$273.9 million bid at a collective sale tender in May 2020, at a 14 per cent premium to the S$240 million reserve price. This works out to a land rate of S$1,250 to S$1,260 psf per plot ratio (ppr).

The development comprises 306 units in two 19-storey towers. The units include four duplex penthouses of between 2,002 square feet (sq ft) and 2,260 sq ft, each with private lift access.

One-bedroom units, some including a study, are between 484 sq ft and 635 sq ft. Two-bedroom units start at 592 sq ft, three-bedroom units from 926 sq ft, four-bedroom units from 1,270 sq ft, and five-bedroom units from 1,550 sq ft.

Nearly three-quarters of the units, or 227 units, will have two to three bedrooms, Wing Tai’s head of marketing Stacey Ow Yeong told reporters at a preview on Monday.

This is mainly because the development is targeted at local owner-occupier buyers, she said. This includes Housing and Development Board suburban upgraders who are eyeing these units because they either live or work nearby, she added.

Ow Yeong pointed out that The LakeGarden Residences will be the first condo launch in the area in seven years. The last launch in the vicinity was MCL Land’s Lake Grande in 2016.

Caveats data from URA Realis showed that resale prices at Lake Grande have ranged from S$758,000 (S$1,853 psf) to S$2.1 million (S$1,628 psf) in the last few months. In late May, a 614 sq ft unit was transacted at around S$1 million or S$1,720 psf.

Resale prices for private condo units in Jurong have ranged from S$703,000 (S$1,519 psf) to S$5.2 million (S$1,103 psf) in recent months. The latest transaction in mid-July was for a 2,002 sq ft unit in 99-year leasehold condo The Centris, which changed hands at just over S$2 million or S$1,021 psf.

When asked whether a starting price of around S$2,000 psf might be too high for a new condo in Jurong, Ow Yeong pointed out that there is “little choice” in Wing Tai’s pricing, especially with soaring land, construction, logistics and financing costs.

“With Lentor, an area that is so unattached, going for S$2,000 psf, I think (our pricing) is okay,” she said. “It’s not because we are all trying to push up the price unnecessarily. It is because the costs are just there.”

Ow Yeong added that the vision for The LakeGarden Residences is a “sustainable contemporary home that harmonises with the surrounding gardens”. For instance, solar energy will power nearly a third (30 per cent) of the condo’s common areas, she said.

“When completed, The LakeGarden Residences will be one of the best waterfront developments in the Jurong Lake District (JLD); it will be well connected to established amenities, educational institutions and transportation nodes,” she said.

Located at 80 and 82 Yuan Ching Road, The LakeGarden Residences is well within the upcoming JLD – soon to be Singapore’s largest business district outside the city centre, set up under URA’s decentralisation strategy.

In March, Wing Tai acquired the 19-unit Holland Tower for S$76.3 million through a collective sale purchase. The land rate there works out to S$1,746 psf ppr.

Wing Tai’s executive director Tan Hwee Bin said the group plans to “leverage its superior location attributes” to redevelop the property into a “luxurious and iconic” residential development.

The LakeGarden Residences will book sales from Aug 5, and is expected to deliver its notice of vacant possession in August 2027.

https://www.businesstimes.com.sg/property/wing-tais-lakegarden-residences-start-previews-jul-22

[New Reporter]

Wing Tai bets on first-mover advantage, pricing The LakeGarden Residences from just under $2,000 psf

July 21, 2023

Wing Tai Asia is set to preview its 306-unit The LakeGarden Residences on July 22, making it the first developer to launch a new private residential project in the developing Jurong Lake District in seven years.

The last new-project launch in the Jurong Lake District was the 710-unit Lake Grande in 2016, says Ismail Gafoor, CEO of PropNex. Before that, the 696-unit LakeVille was launched in 2014; and in the Jurong Gateway area in Jurong East, the last new condo launch was the 738-unit J-Gateway in June 2013.

The LakeGarden Residences is “one of the most anticipated project launches this year”, says Gafoor, given its location within Jurong Lake District and fronting the 90ha Jurong Lake Gardens.

“The LakeGarden Residences taps into a growing awareness of wellness and being close to nature. During the pandemic, we heard of more people taking up cycling, hiking, and spending more time outdoors. This project would appeal to such nature lovers and sports enthusiasts,” says Gafoor.

The LakeGarden Residences is also Wing Tai’s first sustainable development with a myriad of low-energy and renewable energy features built into the project, says Stacey Ow Yeong, senior general manager and head of marketing at Wing Tai Asia.

The 99-year leasehold development has been given the Green Mark Platinum (Super Low Energy) certification by the Building and Construction Authority (BCA). According to BCA, this is granted to best-in-class performing Green Mark buildings that achieve at least 60% energy savings.

Lake views, Jurong Lake District

Wing Tai has angled the two 19-storey residential blocks at The LakeGarden Residences to maximise the views of the greenery, says Ow Yeong. She adds that when The LakeGarden Residences is completed in 2027, about 75% of the units will enjoy these views.

“We are certain that buyers will appreciate the unblocked views of the Jurong Lake Gardens,” she says.

The 120ha Jurong Lake District is targeted to have 100,000 new jobs and 20,000 new homes by 2040-2050, adding to the one million residents already in the western region.

“We expect sizeable demand from home buyers and investors who want a first-mover advantage in acquiring new-launch units in an up-and-coming region like the Jurong Lake District,” says Marcus Chu, CEO of ERA Singapore.

Development plans to transform the area into Singapore’s second CBD will allow home buyers to enjoy future capital appreciation, adds Chu.

Gafoor concurs with this sentiment, adding: “We believe home buyers are excited about the Jurong Lake District and the government’s plans to transform the precinct.”

In June this year, URA launched the tender for a 6.5ha white site for sale to a master developer in June this year. Comprising three plots that will link to Jurong East MRT Interchange, the site could yield up to 1.57 million sq ft of office space, about 1,700 residential units, and 785,480 sq ft set aside for complementary uses. The tender for the master developer site closes in March next year.

The LakeGarden Residences reflects Wing Tai’s consideration of a lighter environmental impact, says Ow Yeong. “In addition to an architectural consultant, we also commissioned a landscape consultant to complement the existing greenery and biodiversity, as well as a lighting consultant to advise on a lighting concept for the whole project that minimises the overall light pollution onto the nearby public park,” she adds.

Wing Tai has also vested back to the government close to 5,000 sq ft of its site to create a side-gate with direct access to the neighbouring park.

Unit mix

The project offers one- to five-bedroom units that range from 484 to 1,550 sq ft. About 74% of the units comprise two- and three-bedroom unit types including those that come with a study. There are also four duplex penthouse units that range from 2,002 to 2,260 sq ft, and each comes with private lift access.

Wing Tai is showcasing three different unit layouts in the sales gallery, which is located opposite Chinese Garden MRT Station on Boon Lay Way.

The smallest showflat is the two-bedroom-plus-study unit. The project offers 19 such units, which range from 775 to 936 sq ft. The developer is also introducing a “compact plus” two-bedroom design which features an en suite master bedroom, a second bedroom, and a study area and a powder room given the provision for a toilet and a sink.

“We think this is a functional layout and we are responding to the needs of buyers today who say that they need more practical and functional spaces like this,” says Ow Yeong.

Another showflat is the three-bedroom-plus-study unit. The condo has 74 such units, which range from 1,098 to 2,002 sq ft. There are also 39 three-bedroom units that range from 926 to 1,216 sq ft.

The largest showflat is a 1,550 sq ft, five-bedroom unit, of which there are only 17 units. These units are the only ones that come with a private lift lobby and appliances such as a dishwasher and a wine chiller.

Additionally, the four- and five-bedroom units are the only types where the kitchen is fitted with both a conventional and steam oven. These larger units will also have separate washers and dryers.

There are four penthouse units in the entire condo: a three-bedroom-plus-study, a four-bedroom, a four-bedroom dual-key variant, and a five-bedroom-plus-study.

According to Justin Quek, deputy CEO of OrangeTee & Tie, the developer has designed the units to cater to families. This should appeal to HDB upgraders in the Jurong area. “There is a healthy volume of transactions in both the HDB resale market and private residential segment in the Jurong area,” he says. Hence, he expects “good demand” for the new private condo project.

ERA research shows that in 1H2023, 70.8% of purchasers of condo units in the resale market in the Jurong area of District 22 were Singaporeans, while 23.5% were permanent residents. Hence, Chu expects buyers to be a good mix of investors and owner-occupiers, from singles to couples and families.

Prices start from just under $2,000 psf

Wing Tai aims to launch the project at prices starting from just under $2,000 psf, says Ow Yeong. She adds that prices will likely build up quickly as the developer progressively moves units.

One-bedroom-plus-study units of 527 sq ft are priced from $1.03 million ($1,954 psf), while three-bedders from 926 sq ft start from $1.8 million ($1,944 psf).

“The LakeGarden Residences presents a unique opportunity for buyers. As it is the first new launch in seven years, pent-up demand will be strong,” says Ow Yeong.

Given that new project launches in the Rest of Central Region are priced in the $2,400 to $2,500 psf range this year, while those in the OCR or suburbs are in the $2,000 to $2,100 psf range, prices in District 22 are due for a catch-up with the rest of the market, says Quek.

While The LakeGarden Residences is likely to set benchmark prices in Jurong, several OCR launches in recent years have also set a new benchmark in their respective locales, observes PropNex’s Gafoor.

Most home buyers have come to accept that prices have inched up due to rising costs with higher construction costs, land prices and borrowing costs, notes Gafoor. “However, developers are also aware that buyers remain price-sensitive and are therefore pricing their projects with that in mind.”

[I]Sustainability efforts

As LakeGarden Residences has a Green Mark Platinum (Super Low Energy) rating, which is the highest sustainability rating for a new development in Singapore, many provisions have gone into achieving its super-low energy targets.

About 30% of the common areas in the condo will draw power from the series of solar panels that line the roof terraces of both residential blocks. “We could have added more solar panels to help offset our energy use, but the trade-off would be less space for roof decks and gardens for residents to enjoy,” says Ow Yeong. “I believe we managed to achieve the right balance.”

Every unit in the project will have a parking space. The developer is also providing four pre-built electric vehicle (EV) charging lots, and 50 EV-ready lots with the electrical infrastructure built-in. “We anticipate that when this project is completed by 2028, a larger proportion of EV cars will be on the road,” says Ow Yeong.

Energy-saving efforts also start within each unit, which will have Bosch energy-efficient appliances. This is to comply with the Green Mark Platinum (Super Low Energy) certification, says Ow Yeong. “All our appliances are approved as the most energy-efficient in their category and certified by BCA.”
The project will launch on August 5.

More at: https://www.edgeprop.sg/property-news/wing-tai-bets-first-mover-advantage-pricing-lakegarden-residences-1950-psf

[New Reporter]

About 1,800 groups flocked to Wing Tai’s LakeGarden Residences over two weekends of previews

July 31, 2023

Property developer Wing Tai Asia recorded about 1,800 groups of visitors to its LakeGarden Residences sales gallery in Jurong over two weekends of previews which began on July 22. They are mainly families, according to Wing Tai.

The 306-unit LakeGarden Residences is set to launch on August 5 at just under $2,000 psf. It has a mix of one- to five-bedroom units and four duplex penthouses. One-bedroom-plus-study units of 527 sq ft are priced from $1.03 million ($1,954 psf), while three-bedders from 926 sq ft start from $1.8 million ($1,944 psf).

Located within the up-and-coming Jurong Lake District, The LakeGarden Residences has twin 19-storey condominium blocks fronting the 90ha Jurong Lake Gardens. About 75% of the units will have unblocked views of the greenery.

The LakeGarden Residences is a redevelopment of the former 99-year leasehold Lakeside Apartments on Yuan Ching Road, which Wing Tai purchased en bloc for $273.88 million in May 2022.

The LakeGarden Residences is considered "one of the most anticipated project launches in 2023", according to Ismail Gafoor, CEO of PropNex.

It's the first new residential project in Jurong Lake District in seven years. The last new-project launch in the Jurong Lake District was the 710-unit Lake Grande in 2016; before that, it was the 696-unit LakeVille in 2014.

More at: https://www.edgeprop.sg/property-news/about-1800-groups-flocked-wing-tai%E2%80%99s-lakegarden-residences-over-two-weekends-previews

[New Reporter]

The LakeGarden Residences sells 71 of project’s 306 units at S$2,120 psf average during launch

Aug 06, 2023

https://i.imgur.com/qUXDUWS.jpg

https://i.imgur.com/qQUCiPP.jpg

TWO property launches saw mixed results from buyers over the weekend, with The LakeGarden Residences selling 71 units or 23 per cent of its total of 306 units, while Altura executive condominium (EC) moved 220 or 61 per cent of 360 units.

Units sold at Wing Tai’s The LakeGarden Residences launch in Jurong were transacted at an average selling price of S$2,120 per square foot (psf), the developer said in a release on Aug 6. The 71 units sold made for 34 per cent of the number of units released during the launch.

The project houses 306 units in two towers, with nearly three-quarters of the units, or 227 units, in two- and three-bedroom configurations.

Ismail Gafoor, chief executive officer, PropNex Realty, put the project’s comparatively modest launch performance down to “homebuyers experiencing some degree of buyers’ fatigue”. Over 2,500 new units across several major projects were launched in the last month.

“Buyers are probably taking the time to reassess and weigh the available options before committing to a purchase,” he said.

Dial down the FOMO

The jump in supply has also helped “dial down the FOMO – fear of missing out – factor” which spurred buyers to enter the market more quickly in previous years, Gafoor added.

Mark Yip, CEO of Huttons Asia, noted that buyers may be cautious due to the current economic conditions.

Apart from two- and three-bedder types, the 99-year-leasehold LakeGarden Residences also has four duplex penthouses of between 2,002 square feet (sq ft) and 2,260 sq ft, and one-, four- and five-bedroom units.

Wing Tai acquired the plot at the collective sale of Lakeside Apartments for S$273.9 million in May 2020, at a 14 per cent premium to the S$240 million reserve price. This works out to a land rate of about S$1,250 psf per plot ratio (ppr).

Based on transactions done by PropNex agents over the weekend, some residents from the former development had also purchased units at LakeGarden Residences. PropNex noted that two-bedder and three-bedder unit types accounted for more than 70 per cent of units sold at launch.

Out in force

Stacey Ow Yeong, head of marketing, Wing Tai Property Management, said: “Majority of the buyers for The LakeGarden Residences are families and upgraders living in the Western part of Singapore. This reflects a healthy demand for private residential homes in the up-and-coming Jurong Lake District, as well as the trust in the quality and value of Wing Tai’s developments.”

Also over the weekend, Altura EC started booking sales at an average price of S$1,433 per square foot (psf) and sold 220 out of 360 units.

Qingjian Realty and Santarli Realty picked up the Bukit Batok EC site at a state land tender in March 2022 for S$266 million or S$662 psf ppr, setting a new high for EC development land at the time.

Altura’s pricing marks a fresh record for an EC launch, said PropNex’s Gafoor. In comparison, Copen Grand and Tenet, launched last year, saw average prices of S$1,300 psf and S$1,360 psf, he said.

The Altura project is located within a 1 km radius of the new Anglo-Chinese School (Primary) in Tengah.

The most popular unit type was the three- and four-bedroom premium, with over 70 per cent of applicants and balloters coming from second-time applicants.

“This launch marks another successful collaboration between Qingjian and Santarli, and we are delighted to witness such enthusiasm from prospective buyers who recognise the potential of Altura as an exceptional opportunity,” said Ouyang Jing, general manager of Qingjian Realty.

“HDB upgraders were out in force, snapping up all the units allocated to second timers within the first three hours of sales booking,” said Huttons’ Yip.

“The robust demand for Altura was expected as it is possibly the only EC launch in 2023. Copen Grand EC, launched in Q4 2022, was fully sold within just one month,” said Marcus Chu, chief executive officer, ERA.

PropNex’s Gafoor said: “The healthy take-up rate of over 60 per cent was well within our expectations, and continues to affirm the resilient demand for ECs among Singaporean families, amidst dwindling inventory of EC units and rising home prices.”

https://www.businesstimes.com.sg/property/lakegarden-residences-sells-71-projects-306-units-s2120-psf-average-during-launch