Lakeside Apartments enbloc to Winville Investment for $273.89m

About Lakeside Apartments Collective Sales

On its second attempt, the Lakeside Apartments at 9E and 9F Yuan Ching Road sold for $273.89 million, which is 14% more than its $240 million reserve price.

Winville Investment, a subsidiary of Singapore-listed Wing Tai Holdings, bought the 120-unit, 99-year leasehold project near Jurong Lake Gardens and the Jurong Lake District.

The developer wants to build more than 300 homes on the 12,465.4 sq m (134,177 sq ft) site, which will have views of Chinese Garden, Jurong Lake Gardens, and Japanese Garden.

The Straits Times reported on Thursday that the owners of the three-bedroom units in the existing condo will get about $2.28 million each (May 26).

But PropNex couldn’t say what the $273.89 million price meant in terms of land rate or how many bids were put in for the tender, which ended on May 25.

The $240 million reserve price included a lease top-up premium and a development charge, which made the land rate $1,077 per square foot per plot ratio. About 45 years are left on the site’s lease.

 

About First Enbloc Attempt

In March of this year, Lakeside Apartments put out a second collective sale tender with the same $240 million reserve price as its first try in 2019. Even though the committee for the collective sale had suggested lowering the reserve price to $205 million, this happened.

Ms. Tracy Goh, head of investment and collective sales at PropNex, said, “The tender was hotly contested because of its attractive location with views of the Jurong Lake Gardens and its closeness to the Jurong Lake District, which is planned to be a thriving regional commercial hub and tourist destination.”

“The fact that there aren’t many new private residential projects in the Lakeside area made this collective sale site even more appealing, and developers think there will be a good demand for homes to be built on the plot in the future.”

 

Potential of the Site

With a gross plot ratio of 2.1, the site could be turned into a 24-story building with 307 condos that are each about 915 square feet in size, according to PropNex.

Mr. John See Toh, Lakeside Apartments collective sale committee chairman, said, “Even after the announcement of new cooling measures in December 2021, the owners remained united and hopeful of a successful sale.”

Ms. Tan Hwee Bin, the executive director of Wing Tai Holdings, said, “There aren’t many new housing developments in the area, so we’re sure this new project will be in high demand.”

The site is in the Jurong Lake District, which is supposed to be the second Central Business District.

The future Jurong Innovation District, which will be the center of advanced manufacturing and research and development, is 10 minutes away by car. Plans are also in the works to build an integrated tourist attraction in the Jurong Lake District.

The location of the site is incredibly convenient, as it is in close proximity to several key amenities and facilities. Firstly, the Lakeside MRT station, which is nearby, ensures excellent connectivity to the rest of Singapore, making daily commuting and travel hassle-free for residents. Additionally, the presence of prominent shopping malls such as Jem, Westgate, IMM, and JCube in the vicinity provides a myriad of shopping, dining, and entertainment options right at residents’ doorsteps.

One of the most exciting developments on the horizon is the Jurong East integrated transport hub, set to be completed in 2027. This hub is a game-changer for the area, as it will further enhance transportation options and connectivity, making it even more convenient for residents to travel both within Jurong East and to other parts of Singapore.

The site’s strategic location near the Lakeside MRT station, major shopping malls, healthcare facilities, and the upcoming Jurong East integrated transport hub not only promises unparalleled convenience but also adds significant value to the overall quality of life for its residents.