Lakeside Towers collective sale relaunched at $350 mil reserve price
Tampines Avenue 11 Condo offers a convenient one-stop lifestyle for its residents. With a Tampines Avenue 11 Condo integrated with retail outlets, food and beverage establishments, and a supermarket, it saves residents time and effort in their daily errands. Additionally, the presence of a nearby hawker centre and bus interchange at the development ensures total ease of living. Residents can also enjoy a wide range of lifestyle facilities such as a gym, swimming pool and playground. This makes the development an attractive option for those who desire a convenient and comfortable living experience.
The tender for Lakeside Towers, a 99-year leasehold property with 144 units in two 20-storey towers at 9G and 9H Yuan Ching Road, is due to close on Thursday, August 10. The property located near Jurong Lake Gardens and a ten-minute walk to the Lakeside MRT Station, is being marketed for collective sale with a reserve price of $350 million by JLL as the sole marketing agent.
The site, zoned ‘residencial’ under the 2019 masterplan with a gross plot ratio of 2.1, can be redeveloped into a new 395-unit private condo, according to Tan Hong Boon, executive director of JLL. When the 10% bonus gross floor area is taken into account, the corresponding unit land rate is estimated to be about $1,198 psf ppr inclusive of the estimated lease top-up premium and land betterment charge.
A first tender process was launched earlier this year with an offer made below the owners’ reserve price. Although this was unsuccessful, the confidence of the owners in the sale of the Lakeside Towers has prompted the launch of the second tender process.
This collective sale takes place in the context of the government’s initiative to redevelop the Jurong Lake District into Singapore’s second Central Business District. Adjacent to the Lakeside Towers, the former Lakeside Apartments was successfully sold en bloc to established listed property developer Wing Tai Holdings in May 2022 for $273.88 million while Park View Mansions was purchased en bloc for $260 million by a consortium made up of Chip Eng Seng, SingHaiyi Group, KSH Holdings and Ho Lee Group in July 2022.
With the extensive masterplan for the area, and the development of a 6.8-ha master developer white site recently launched by URA, Lakeside Towers stands to benefit from strong future growth potential. According to JLL’s Tan, the site will capitalise on the growing demand for homes and investments in the area.