Lakeside Apartments is now on the market with a reserve price of $240 million – the latest to wade into the wave of collective sales here.
More than 80 per cent of owners at the 134,176 sq ft site in the Jurong Lake District area have agreed to sell and the tender was launched on Tuesday.
This means each of the owners at the 120-unit development stands to pocket $2 million.
The site in Yuan Ching Road is zoned residential with a plot ratio of 2.1. It comprises two tower blocks of 15 storeys, and has 58 years left on its 99-year lease.
Developers will have to also cough up an enhancement premium of $55.56 million for both the lease top-up and the intensification of land use from the current baseline of 24,721 sq m, or an equivalent gross plot ratio of 1.98.
“Given its continuous unblocked frontage alongside the Jurong Lake, Lakeside Apartments presents an exceptional redevelopment opportunity for developers seeking to create an iconic residential development,” said marketing agent SLP International.
Another feature of Lakeside Apartments is that JTC used to manage the land, but the management has since been handed over to strata title unit owners, according to Mr Nicholas Mak, executive director of ZACD Group, the parent company of SLP International.
Lakeside joins three freehold plots, two of which are in prime districts, that have been launched for sale recently.
Elizabeth Towers, the largest of the three, is a high-rise residential redevelopment in Mount Elizabeth in District 9 with a reserve price of $610 million, which translates to a land rate of approximately $2,416 per square foot per plot ratio.
Another collective sale site being launched is Gilstead Court in the Newton/Novena enclave.
The 75,479 sq ft residential site, with JLL as its sole marketing agent, has a reserve price of $168 million. It consists of 24 apartments of 1,390 sq ft each and 24 units each of 1,464 sq ft, in three four-storey apartment blocks.
The tender for Lakeside Apartments will close on July 24, while those for Gilstead Court and Elizabeth Towers close on July 10 and July 19, respectively.