Lakeside Towers relaunched for en bloc sale with unchanged S$350 million reserve price

Jun 30, 2023

OWNERS of Lakeside Towers are trying for an en bloc sale again with an unchanged reserve price of S$350 million, two months after the previous tender closed without a successful offer.

Citing “healthy residential market conditions and the owners’ confidence in a resulting sale”, sole marketing agent JLL said the collective sale committee moved to launch a second tender.

The reserve price of S$350 million is 14.8 per cent higher than its 2018 reserve price of S$305 million.

Completed in 1981, the 99-year leasehold development near Jurong Lake Gardens comprises two 20-storey blocks with 144 units. The site, zoned for residential use, has a land area of 14,236.1 square metres, with a gross plot ratio (GPR) of 2.1 under the 2019 Master Plan.

JLL said the current as-built gross floor area (GFA), which has been verified with the appropriate authorities, is equivalent to a GPR of around 2.36. This 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.

After the 10 per cent bonus GFA is factored in, the unit land rate is estimated to be about S$1,198 psf ppr, inclusive of the estimated lease top-up premium and land betterment charge.

Located at 9G and 9H Yuan Ching Road, the development is within one km of Lakeside Primary School and Shuqun Primary School.

It is also near the upcoming Jurong Lake District, slated to be Singapore’s second central business district. The Singapore government is looking to bring new homes, businesses and amenities to the area.

The tender for Lakeside Towers closes at 3 pm on Aug 10.

https://www.businesstimes.com.sg/pro...-reserve-price