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Thread: Lakepoint Condo - Enbloc Potential

  1. #1
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    Smile Lakepoint Condo - Enbloc Potential

    Anyone here knows about Lakepoint condo, which is located next to Lakeside MRT?
    The project is more than 20 years old, sitting on 99 leasehold land. But the site is huge, more than 500,000 sq ft. There are about 300 units in the project.

    There is some potential for enbloc redevelopment.
    But right now, the units are transacted at about average $200 psf, cheaper than most HDB flats of the same age that are located even far from MRT.
    The rental returns are reasonable also. A 3 bedroom units fetches about $2100 per month.

    This thread is for the information of people who are looking for homes to stay or invest.

  2. #2
    yes
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    Default Re: Lakepoint Condo - Enbloc Potential

    If it is really what you said: $200 psf and it rents for $2,100/mth, then I think it is a great place to invest, if not for the rental yield then for the en bloc potential.

  3. #3
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by yes
    If it is really what you said: $200 psf and it rents for $2,100/mth, then I think it is a great place to invest, if not for the rental yield then for the en bloc potential.

    I should elaborate a bit on the $200 psf.

    It sounds cheap on a psf basis. But because the units at Lakepoint are huge, the absolute price is higher. Typically, the 3 bedroom types are about 1883 - 2218 sq ft in size. So a 2218 sq ft unit may cost about 450 - 500 K. Gross rental yield would be about 2100*12/500000, which is about 5%, before deduction of maintenance fees, agent commission etc.

  4. #4
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Madeira
    It sounds cheap on a psf basis. But because the units at Lakepoint are huge, the absolute price is higher. Typically, the 3 bedroom types are about 1883 - 2218 sq ft in size. So a 2218 sq ft unit may cost about 450 - 500 K. Gross rental yield would be about 2100*12/500000, which is about 5%, before deduction of maintenance fees, agent commission etc.

    well i think the enbloc potential will be good... unless there are other residential plots released for sale by the URA in the future in the Jurong area. going by the way they are intent on developing the Jurong area, URA may very likely release more residential plots.

  5. #5
    boonlaysg
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    Default Re: Lakepoint Condo - Enbloc Potential

    Yes, the devt has enbloc potential, but for a thoughtful developer, does it want to buy another piece of land for development in an already crowded neighbourhood. It will be a case of indigestion if any other developments pop up in the area. Look around the area, there are so many condos already..even the latest kids in the block - lakeshore and lakeholmz will be hard pressed to clear its units.

    A MRT stop away, The centris (600+ units) is in the pipeline and will be in the market in 3 years time...

    are there really so many HDB upgraders in Jurong who want to continue to stay in Jurong? Are there so many non Jurong Singaporeans wanting to stay in Industrial Jurong?. Are the factories and other businesses in Tuas and Jurong making so much monies and hiring so many people such that there are so many expats wanting to stay in Jurong? For the last question, even the govt has no ready answers.

    Land in the industrial west is plentiful,....jurong east area, chinese garden area, even lakeside area.

    Conclusion - Yes...enbloc potential...my take is got to wait at least 20 years later. invest if u can wait.

    In fact, if i were to gaze into my crystal ball, the very first potential candidate for en bloc in Jurong will not be Lakepoint but ........................

    OM MANI PAD MAE OM.

    Thanks.

  6. #6
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by boonlaysg
    Yes, the devt has enbloc potential, but for a thoughtful developer, does it want to buy another piece of land for development in an already crowded neighbourhood. It will be a case of indigestion if any other developments pop up in the area. Look around the area, there are so many condos already..even the latest kids in the block - lakeshore and lakeholmz will be hard pressed to clear its units.

    A MRT stop away, The centris (600+ units) is in the pipeline and will be in the market in 3 years time...

    are there really so many HDB upgraders in Jurong who want to continue to stay in Jurong? Are there so many non Jurong Singaporeans wanting to stay in Industrial Jurong?. Are the factories and other businesses in Tuas and Jurong making so much monies and hiring so many people such that there are so many expats wanting to stay in Jurong? For the last question, even the govt has no ready answers.

    Land in the industrial west is plentiful,....jurong east area, chinese garden area, even lakeside area.

    Conclusion - Yes...enbloc potential...my take is got to wait at least 20 years later. invest if u can wait.

    In fact, if i were to gaze into my crystal ball, the very first potential candidate for en bloc in Jurong will not be Lakepoint but ........................

    OM MANI PAD MAE OM.

    Thanks.
    Many good points in yr message. I guess u r correct that any potential developer would probably wants to wait for lakeholmz, lakeshore and centris to be sold out first before looking at enbloc acquisition in Jurong.

    But then, when that happen, the price for Lakepoint would have gone up also.

    Another potential project in Jurong for enbloc would be Ivory Heights at Jurong East. Anyone has any comments on Ivory Hts?

  7. #7
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    Default Re: Lakepoint Condo - Enbloc Potential

    Well, what about Summer Dale? Very close to Lake point, Lake Holmz, Park Vista and centris.....and an EC now 6 yrs old. Any enbloc potential? 3 bed room rental now is above $2300 and average selling price about $325 psf. Is it worth investing?

    Any comments....please


    matt

  8. #8
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    Default Re: Lakepoint Condo - Enbloc Potential

    I think it is worth investing in such units as the rental can cover the monthly installment in full. I suspect rental will continue to rise for Jurong West areas.

  9. #9
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    Default Re: Lakepoint Condo - Enbloc Potential

    An enbloc feasibility study for Lakepoint Condo will be initiated soon. The approval was given during Sunday's AGM (15 Apr 07). Lakepoint has a site area of about 5 hectares or 538,000 sq ft. This is twice that of the nearby development, The Lakeshore, which has 800+ units. Currently Lakepoint has about 300 units. The site can potentially hold 1600 units if the same plot ratio is used as The Lakeshore. Taking into account redevelopment charges and the amount to top-up the lease back to 99 year, I think each unit will on average receive about $800K based on current market values of surrounding development (Lakeholmz transacted at $450 psf). If the developer is confident of getting $600 psf (The Lakeshore is sold at $600 psf for good units), then the enbloc value would increase to about $1.3 mil per unit.

    Current price of Lakepoint in the open mkt is about $450K to $550K for a 2200 Sq ft unit.

    Still quite a bargain.

  10. #10
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    Default Re: Lakepoint Condo - Enbloc Potential

    Any updates regarding the en-bloc progress of Lakepoint? Do you guys think it will go through successfully?

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