Results 1 to 2 of 2

Thread: En-bloc sale offers for Lakepoint Condo below reserve price

  1. #1
    Join Date
    Oct 2011
    Posts
    10,442

    Default En-bloc sale offers for Lakepoint Condo below reserve price

    En-bloc sale offers for Lakepoint Condo below reserve price

    Dec 23, 2021

    OFFERS for en-bloc hopeful Lakepoint Condominium fell short of its reserve price as developers start to move more cautiously in light of new cooling measures.

    It has closed its tender and is now in a "private treaty negotiation process", PropNex Realty said in a statement on Wednesday (Dec 22) night. The 99-year leasehold was launched for collective sale with a reserve price of S$640 million on Oct 21 this year.

    Policy changes, including higher additional buyer's stamp duty (ABSD) rates, were implemented on Dec 16 to dampen exuberance in the housing market. Developers are now subject to 35 per cent ABSD, up from 25 per cent previously. Property analysts said that this is likely to make developers more cautious when bidding for land and take the wind out of the en-bloc fever, according to earlier reports.

    Tracy Goh, head of investment and collective sales at PropNex, said that the 10-week private treaty negotiation process will give interested parties "ample time" to review their plans and strategies, in light of the new cooling measures. "We remain cautiously optimistic about the collective sale tender given the attractive site location and the limited new private housing supply in the immediate areas."

    Lakepoint Condominium, which comprises 309 residential units, occupies over 562,286 sq ft. Under the 2019 Masterplan, the site has a plot ratio of 1.4 and is zoned for residential use. The site is near the Jurong Lake District and within walking distance to the Lakeside MRT station.

  2. #2
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,464

    Default Lakepoint Condo tender closes with bids below reserve price, enters private treaty

    Based on the reserve price, the land rate works out to $959 psf per plot ratio after factoring the lease top-up premium from JTC and development charges.

    https://www.edgeprop.sg/property-new...6c2ADtHOMdL2P4



    https://www.facebook.com/Teo.See.Hwa...22716976605967
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

    https://wa.me/6587821025

    https://r057844h.propnex.net/

    You don't Buy others will Buy.
    You don't Sell, others will Sell.

Similar Threads

  1. Riverside Piazza up for en bloc sale with S$198m reserve price
    By reporter2 in forum En Bloc Discussion and News
    Replies: 0
    -: 05-11-19, 11:29
  2. Lakepoint condo up for collective sale with S$640m reserve price
    By reporter2 in forum En Bloc Discussion and News
    Replies: 0
    -: 29-07-19, 12:35
  3. Elias Green condo up for en bloc sale with S$780m reserve price
    By Arcachon in forum En Bloc Discussion and News
    Replies: 1
    -: 03-03-19, 21:42
  4. Ava Towers to launch en bloc sale bid with reserve price at S$248m
    By reporter2 in forum En Bloc Discussion and News
    Replies: 0
    -: 16-05-18, 23:37
  5. Katong Park Towers put up for en bloc sale with S$288m reserve price
    By reporter2 in forum En Bloc Discussion and News
    Replies: 1
    -: 17-03-18, 08:44

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •