The Lakeside Towers collective sale has been relaunched with JLL as the sole marketing agent, maintaining the reserve price of $350 million. This 99-year leasehold property, consisting of 144 units in two 20-storey towers at 9G and 9H Yuan Ching Road, is adjacent to the picturesque Jurong Lake Gardens. Earlier this year, the property was put up for sale. Although it received several expressions of interest and an offer lower than the reserve price, the owners remain confident in securing a successful deal. In light of this, the Lakeside Towers Collective Sale Committee initiated a second tender process with the same reserve price.
The site, spanning 153,237 sq ft, is zoned for residential use under the 2019 Master Plan, with a gross plot ratio (GPR) of 2.1. However, the current as-built gross floor area corresponds to a higher GPR of 2.36. At the reserve price of $350 million, the estimated unit land rate equates to approximately $1,244 psf per plot ratio (psf ppr) based on the base GPR of 2.36, after factoring in the lease top-up premium with no land betterment charge. Additionally, when the 10% bonus GFA is fully considered, the unit land rate is expected to be around $1,198 psf ppr, including the estimated lease top-up premium and land betterment charge.
This excellent site can be redeveloped into a new private condominium comprising 395 units. Its exceptional location grants direct access to the scenic Jurong Lake Gardens and a convenient ten-minute walk to the Lakeside MRT Station. Furthermore, it enjoys proximity to shopping amenities such as Jurong Point Shopping Centre and the Jurong East MRT interchange station, fulfilling the aspirations of modern urban living.
In a neighbouring transaction, the Lakeside Apartments were successfully sold en bloc to esteemed listed property developer Wing Tai Holdings in May 2022 for $273.88 million ($1,250 to $1,260 psf ppr). Wing Tai plans to launch its forthcoming condominium development later this year, presenting exciting prospects for future homeowners. Also along Yuan Ching Road, Park View Mansions, a 99-year leasehold condominium, was acquired en bloc in July 2022 for $260 million ($1,023 psf ppr) by a consortium comprising Chip Eng Seng, SingHaiyi Group, KSH Holdings, and Ho Lee Group. The consortium intends to redevelop the site into a 440-unit private condominium. The Myst is a 408 unit condominium located at 800, 802 Upper Bukit Timah Road. Download The Myst Brochure.
On June 22, the Urban Redevelopment Authority (URA) launched the highly anticipated tender for the 6.8-hectare master developer white site, marking a significant milestone in developing the new 120-hectare precinct in Jurong Lake District. Situated at the heart of this vibrant district, this strategically located site offers an exceptional opportunity for aspiring investors and developers.
With its prime location, the site presents many possibilities for creating premium housing, state-of-the-art offices, and an array of recreational facilities. This new, green, and car-lite district is poised to become the next central business district (CBD). Recognizing the immense potential and growth prospects, Jones Lang LaSalle (JLL) expert Tan emphasizes that Lakeside Towers stands to benefit significantly from the comprehensive government master plan for the entire area.
The future growth potential is exceptionally promising, and developers can confidently venture into this prime site, leveraging the increasing demand for homes and investments in this dynamic region. As the tender for Lakeside Towers reaches its closing date on Thursday, August 10, interested parties are urged to seize this lucrative opportunity to be part of the thriving Jurong Lake District’s continued success.
