Lakeside Towers, Jalan Besar Plaza go en bloc

S$305m expected for 99-year leasehold project overlooking Jurong Lake Gardens; mixed-use development at Jalan Besar has asking price of S$380m

Fri, Apr 27, 2018

Navin Sregantan


TWO more developments jumped on the en bloc bandwagon on Thursday.

Real estate marketing agent Huttons Asia said that owners of Lakeside Towers have put up the 99-year leasehold project overlooking Jurong Lake Gardens for public tender and are expecting a price of S$305 million for the development.

"Based on the estimated differential premium and lease upgrading premium payments of S$57 million to intensify the land and for topping up to a fresh 99-year lease, this translates to a land rate of S$1,125 per square feet per plot ratio (psf ppr)," Huttons said.

The site, which has a land area of 14,236.1 square metres or 153,237 square feet, is zoned for residential use under the Urban Redevelopment Authority's (URA) 2014 Master Plan. With an allowable gross plot ratio of 2.1 times, the site can yield approximately 321,797 sq ft of gross floor area (GFA) upon redevelopment.

Said Angela Lim, deputy head of investment sales at Huttons Asia: "The site offers an excellent redevelopment opportunity for developers, as it is strategically located within a high-growth area - Singapore's second Central Business District (CBD) at Jurong Lake District."

The site is located close to several malls including Jem and IMM, and is also near River Valley High School and Nanyang Technological University.

The tender for Lakeside Towers closes on May 28 at 2 pm.

Meanwhile, a public tender for Jalan Besar Plaza was launched for a fourth time on Thursday, said Huttons.

The owners last put up the freehold mixed-use development for tender on Oct 10, 2017.

The site, which has a land area of 4,927.8 sq m and has an existing approved GFA of 16,694 sq m, is zoned for commercial and residential use under the URA Master Plan.

No development charge is payable for the site.

Said marketing agent Huttons: "The owners are expecting a price of S$380 million, which translates to a land rate of S$2,115 psf ppr for 40 per cent commercial use and 60 per cent residential use on the approved GFA of 16,694 sq m."

The site is a five-minute drive to the CBD, and is in the vicinity of Kallang Riverside Park and Jalan Besar Stadium.

The public tender for Jalan Besar Plaza closes on June 5 at 3.30 pm.