Lakeside Towers owners try for en bloc again amid Jurong Lake District buzz

The reserve price has climbed to S$350 million, compared with S$305 million in 2018

Feb 10, 2023

LAKESIDE Towers at Yuan Ching Road has been put up for collective sale via tender, as residential properties near the upcoming Jurong Lake District (JLD) enter the spotlight.

Owners of the 144-unit condo are now seeking S$350 million for the sale, which is 14.8 per cent higher than its 2018 reserve price of S$305 million.

The tender comes off the heels of CapitaLand Development’s announcement that it will redevelop JCube into a 40-storey residential property, in line with the Singapore government’s plans to bring new homes, businesses and amenities to the JLD.

It also comes more than half a year after neighbouring condo Lakeside Apartments changed hands at a 14 per cent premium. Park View Mansions, which is also along Yuan Ching Road, was later sold for S$260 million. Lakepoint Condominium, which is located some distance away from the trio, closed its collective sale tender without bids in June.

Lakeside Towers is located on the fringe of the JLD, touted to be Singapore’s second central business district.

Completed in 1981, the 99-year leasehold property comprises two 16-storey blocks. The 14,236.1 square metres (sq m) land plot the property sits on is zoned for residential use with a gross plot ratio (GPR) of 2.1. However, the development’s current as-built gross floor area (GFA), which has been duly verified with the competent authority, is equivalent to a GPR of 2.35953, JLL noted.

This means its reserve price of S$350 million translates to a land rate of about S$1,244 per square foot per plot ratio (psf ppr), after factoring in an estimated lease top-up premium with no land betterment charge.

The land rate is estimated to be at around S$1,196 if the 10 per cent bonus GFA is factored in, inclusive of a lease top-up premium and a land betterment charge.

JLL said the site might accommodate up to 395 apartments, based on the minimum average size control of 85 sq m.

The tender for Lakeside Towers will close on Apr 12, 3pm.

https://www.businesstimes.com.sg/pro...-district-buzz