Lakeside Apartments acquired by WingTai Holdings for $273.88 million via en bloc sale
The purchase price is about 14 percent higher than the reserve price listed, at $240 million.
Wing Tai Holdings, one of the leading property developers in Singapore has acquired Lakeside Apartments in Jurong for $273.88 million.
This translates to a land rate of around $1,260 psf ppr.
It is located along Yuan Ching Road which is adjacent to Jurong Lake Gardens.
It has a total site area of 134,177 square feet and based on the latest URA Master Plan, it has a plot ratio of 2.1. The acquisition price for the en bloc of Lakeside Apartments is 14 percent higher than the reserve price of $240 million.
The 99-year leasehold development consists of 120 residential units in total and was launched for collective sale earlier this year during the month of March.
According to the marketing agency, each owner at Lakeside Apartments will receive a sales proceed of $2.28 million from this en bloc deal.
Lakeside Apartments in Jurong was first launched for en bloc back in 2018, with the same $240 million reserve price. However, the tender was closed without a buyer.
Property developer WingTai Holdings has previously enjoyed huge success at its most recent private residential launch in 2020, The M.
To date, more than 92 percent of the units have been sold at that project.
WingTai Holdings mentioned that it will plan to redevelop Lakeside Apartments into a residential project with more than 300 private homes.
The main draw of the future new launch at Yuan Ching will be boasted with the nearby waterfront views from Jurong Lake, and also the surrounding greens from the Japanese and Chinese Gardens.
The developer has also shown confidence in the demand for this future new launch located within the Jurong Lake District and is looking forward to developing an iconic residential project that caters to the new-age lifestyle needs of homebuyers in the area.