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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.

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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

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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.

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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?

  11. #11
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    Any updates regarding the en-bloc progress of Lakepoint? Do you guys think it will go through successfully?
    The enbloc would be attractive if the nearby condos prices can go up abt 10% more.

  12. #12
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Madeira
    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.

    Lakeshore & Centrix are selling at closed to $700 psf now.
    Heard that there is some big plan to develop west side to be announced after coming National Day.
    Jurong point is definitely one of the busiest Shopping mall in Spore, with the new extension to double it shop space in next 2 years....
    River Valley High School will start their new school with hostel there, hopefully MOE can move a few more good primary, JC to Jurong, plus make NTU closer to be part of Jurong....
    If they can re-develop Boon Lay, that will be nice...
    Lakepoint Condo has a big pc of land, 538000 sf, only around 250 units there...$500k for 2000sf unit, that was transacted 6 months ago, there is no transaction in last 6 months....I saw someone asking for $800k for a 2000sf unit in some property website....

  13. #13
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    Default Re: Lakepoint Condo - Enbloc Potential

    Lakeshore is hitting $900 psf now, check URA website.
    Chances of enbloc of lakepoint is good in next round of enbloc fever.
    Keep an eye, with it's big plot of land super low plot ratio.
    Also nice location next to MRT station.

  14. #14
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    Lakeshore is hitting $900 psf now, check URA website.
    Chances of enbloc of lakepoint is good in next round of enbloc fever.
    Keep an eye, with it's big plot of land super low plot ratio.
    Also nice location next to MRT station.
    $900psf is history. Now has hit $2000psf,check URA website. Lakeshore enbloc fever heating up although whole island properties cooling down.Catch it while it is red hot.

    P.S. I am not an agent

  15. #15
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    $900psf is history. Now has hit $2000psf,check URA website. Lakeshore enbloc fever heating up although whole island properties cooling down.Catch it while it is red hot.

    P.S. I am not an agent




    You're not an agent, I believe . But are you from any mental institution?

  16. #16
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    Lakeshore & Centrix are selling at closed to $700 psf now.
    Heard that there is some big plan to develop west side to be announced after coming National Day.
    Jurong point is definitely one of the busiest Shopping mall in Spore, with the new extension to double it shop space in next 2 years....
    River Valley High School will start their new school with hostel there, hopefully MOE can move a few more good primary, JC to Jurong, plus make NTU closer to be part of Jurong....
    If they can re-develop Boon Lay, that will be nice...
    Lakepoint Condo has a big pc of land, 538000 sf, only around 250 units there...$500k for 2000sf unit, that was transacted 6 months ago, there is no transaction in last 6 months....I saw someone asking for $800k for a 2000sf unit in some property website....
    Ask agent to sell and go for En Bloc lah..

  17. #17
    Unregistered
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    Ask agent to sell and go for En Bloc lah..
    there are units available ,go and buy

  18. #18
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    Lakeshore is hitting $900 psf now, check URA website.
    Chances of enbloc of lakepoint is good in next round of enbloc fever.
    Keep an eye, with it's big plot of land super low plot ratio.
    Also nice location next to MRT station.
    Buy now or you will regret. Wait no more & buy Lakepoint. Going to enbloc very very soon. Prices now are up & up & up. Snap up one quickly or you will miss the boat

  19. #19
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    Default Re: Lakepoint Condo - Enbloc Potential

    March 19, 2008

    Low bids, so landed plot in Jurong not awarded

    By Joyce Teo, Property Correspondent


    IN A keenly watched move, the Government has decided not to award a landed housing site in Jurong West after only two bids came in - both way below expectations.

    The top bid for the site, from Boon Keng Development, came in at $11.8 million, or $78 per sq ft (psf) of land area - less than half of what one consultant had expected.

    The only other bid for the site, in Westwood Avenue, came from Sunway Concrete Products, which offered even less at $10.33 million, or just $68.10 psf.

    The tender for the 14,098.9 sq m, 99-year leasehold site closed a week ago.

    Property market watchers had been waiting with interest to see how the Government would respond to such low bids, given the recent slump in market sentiment.

    After the boom times seen last year, sale volumes have fallen significantly as buyers and sellers remain on the sidelines.

    Cushman & Wakefield managing director Donald Han, who had tipped that the site could have fetched $200 psf, said the Government had been wise not to award the site.

    'If you award the site, there will be a downward adjustment of the valuation in the area,' he said.

    The price would also be used as a benchmark for future tenders of such sites in the area, consultants said.

    Said Knight Frank director (research and consultancy) Nicholas Mak: 'In a market with thin volume, tenders on the confirmed list could invite opportunistic bids.'

    Sites on the Government's confirmed list are put up for tender on a specific date.

    The Government also sells reserve-list sites, which are put up for sale only when a developer commits to bid a minimum price.

    'There are buyers capitalising on the weak property market but there're no fire sales yet,' said Mr Han.

    Earlier this year, the Government also chose not to award the tender for a transitional office site in Aljunied because the only bid it received was too low.

    Mezzo Development had offered to pay $7.8 million - or a unit land price of $38.35 psf per plot ratio.

  20. #20
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    Default Re: Lakepoint Condo - Enbloc Potential

    Why enbloc in JW when there are alot of empty land no takers

  21. #21
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    March 19, 2008

    Low bids, so landed plot in Jurong not awarded

    By Joyce Teo, Property Correspondent


    IN A keenly watched move, the Government has decided not to award a landed housing site in Jurong West after only two bids came in - both way below expectations.

    The top bid for the site, from Boon Keng Development, came in at $11.8 million, or $78 per sq ft (psf) of land area - less than half of what one consultant had expected.

    The only other bid for the site, in Westwood Avenue, came from Sunway Concrete Products, which offered even less at $10.33 million, or just $68.10 psf.

    The tender for the 14,098.9 sq m, 99-year leasehold site closed a week ago.

    Property market watchers had been waiting with interest to see how the Government would respond to such low bids, given the recent slump in market sentiment.

    After the boom times seen last year, sale volumes have fallen significantly as buyers and sellers remain on the sidelines.

    Cushman & Wakefield managing director Donald Han, who had tipped that the site could have fetched $200 psf, said the Government had been wise not to award the site.

    'If you award the site, there will be a downward adjustment of the valuation in the area,' he said.

    The price would also be used as a benchmark for future tenders of such sites in the area, consultants said.

    Said Knight Frank director (research and consultancy) Nicholas Mak: 'In a market with thin volume, tenders on the confirmed list could invite opportunistic bids.'

    Sites on the Government's confirmed list are put up for tender on a specific date.

    The Government also sells reserve-list sites, which are put up for sale only when a developer commits to bid a minimum price.

    'There are buyers capitalising on the weak property market but there're no fire sales yet,' said Mr Han.

    Earlier this year, the Government also chose not to award the tender for a transitional office site in Aljunied because the only bid it received was too low.

    Mezzo Development had offered to pay $7.8 million - or a unit land price of $38.35 psf per plot ratio.
    Sorry, its not awarded. So dont need to talk and write anymore.

  22. #22
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    Why enbloc in JW when there are alot of empty land no takers
    Agree, JW is the cheapest residential area. Its cursed.

  23. #23
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    Agree, JW is the cheapest residential area. Its cursed.
    No, the government is blessing it.

  24. #24
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    Default Re: Lakepoint Condo - Enbloc Potential

    Leading Economic Indicators in U.S. Probably Fell in February

    By Courtney Schlisserman

    March 20 (Bloomberg) -- The index of U.S. leading economic indicators fell for a fifth month in February, reflecting mounting signs that a recession has begun, economists said before a report today.

    The Conference Board's gauge, which points to the direction of the economy over the next three to six months, fell 0.3 percent last month, according to the median forecast in a Bloomberg News survey. The last time the index dropped for as many months was in 1990, when the economy was shrinking.

    The leading index dropped as building permits, stock prices and consumer sentiment sank and first-time claims for jobless benefits jumped. Federal Reserve policy makers this week said risks to growth remain even after lowering the benchmark interest rate and making billions of dollars available to banks and securities firms to try to stabilize financial markets.

    ``A losing streak of five months is usually reserved for recessionary periods,'' said Jonathan Basile, an economist at Credit Suisse Holdings in New York. ``Once the labor market cracks, like it did last month, it shows the cycle is starting to turn down.''

    The Conference Board, a New York-based non-profit research group, is scheduled to issue the report at 10 a.m. local time. The 58 estimates in the Bloomberg News survey ranged from a 0.7 percent decline to an increase of 0.2 percent.

    Reports so far this month signal the leading index will keep falling. A report from the Labor Department due at 8:30 a.m. in Washington is forecast to show that initial jobless claims rose to 360,000 last week, according to the median survey projection.

    Rising Claims

    Applications for unemployment benefits last month averaged 359,200, compared with 326,500 in January, according to Labor Department figures.

    A 10:00 a.m. report from the Fed Bank of Philadelphia is forecast to show manufacturing in the region contracted for a fourth month in March.

    Seven of the 10 components of the leading index are known ahead of time: stock prices, jobless claims, building permits, consumer expectations, the yield curve, supplier delivery times and factory hours. The Conference Board estimates the remaining three: new orders for consumer goods, new orders for non-defense capital goods and the money supply.

    Building permits for February fell 7.8 percent to an annual pace of 707,000, the lowest level in more than 16 years, the Commerce Department said on March 18.

    The Reuters/University of Michigan index of consumer expectations dropped to the lowest level since 1992 last month and a preliminary reading for March, issued last week, showed the measure is still declining.

    Spending Cools

    Americans are spending less as pessimism grows. AnnTaylor Stores Corp., the clothing retailer geared toward women ages 25 to 55, last week reported a fourth-quarter loss and said same- store sales may decline in 2008.

    The deteriorating economy had a ``major impact'' on store traffic, Chief Executive Officer Kay Krill said in a March 14 conference call.

    ``Downside risks to the economy remain,'' Fed policy makers said in a March 18 statement announcing the central bank lowered its target for the benchmark rate by three-quarters of a point to 2.25 percent. The Fed has cut the rate by three percentage points since September.

    On March 16, the central bank also lowered the rate on direct loans to banks and said it will provide up to $30 billion to JPMorgan Chase & Co. to help finance the purchase of Bear Stearns Cos. after a run on the fifth-largest U.S. securities dealer.

    More Funding

    Less than a week earlier, the Fed said it would make up to $200 billion in Treasuries available through weekly auctions in exchange for other securities that for the first time will include those backed by mortgages issued by private lenders.

    Companies are counting on gains overseas as the U.S. economy slows. General Electric Co. Chief Executive Officer Jeffrey Immelt told investors on March 13 that demand for the company's products from infrastructure projects and growth in Europe, Asia and Africa is helping offset any drag from a slump in the U.S.

    ``I still believe in the strength of the global economy now, but the U.S. consumer is in a tougher patch,'' Immelt said in a forum on the company's Web site.

  25. #25
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    Default Re: Lakepoint Condo - Enbloc Potential

    Quote Originally Posted by Unregistered
    Why enbloc in JW when there are alot of empty land no takers
    Agree, my feel is that en block in Jurong area is very rare. Even if there is it would be few years later as there are still empty land that government can offer.

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    Default rental rates

    Hi does anyone know what is the rental rate like for this condo? Comparing to the other projects in the area, this project quite cheap (though i know it's old) and i see the 1800+ sqft and above units starting to sell at $300+ per sqft. Thanks

  27. #27
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    Default rental rates

    Hi does anyone know what is the rental rate like for this condo? Comparing to the other projects in the area, this project quite cheap (though i know it's old) and i see the 1800+ sqft and above units starting to sell at $300+ per sqft. Thanks

  28. #28
    Adrian
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    Wink Lakepoint Enbloc Potential

    The current plot ratios is only at 1.14. If this can be raised to 2.5 or 3 the number of units will be increased to between 700 to 900. If price is god, now will be the time to buy in.

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    Default thanks for the reply

    hi adrian, thanks for the reply. can i ask 1) how can i find out if the plot ratio can be increase 2) if the plot ratio increases what kind of ball park prices can we ask for if the place en blocs 3) usually the price that the developer pays, he has to sell at least about double of the per sq foot for them to break even so what's a realistic pricing here (to clarify, realistic pricing can differ from our asking price). i bought a unit already so like to find out more from the experts here what to look out for.

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    Quote Originally Posted by tericia
    hi adrian, thanks for the reply. can i ask 1) how can i find out if the plot ratio can be increase 2) if the plot ratio increases what kind of ball park prices can we ask for if the place en blocs 3) usually the price that the developer pays, he has to sell at least about double of the per sq foot for them to break even so what's a realistic pricing here (to clarify, realistic pricing can differ from our asking price). i bought a unit already so like to find out more from the experts here what to look out for.
    How much (psf) did you buy ? Have u manage to rent it out and how much per month ?
    I heard that they are forming a Enbloc sales committee, true ? How high is the chance to go enbloc then ?

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