A new, 395-unit private condo building could be created from Lakeside Towers

The group sale of Lakeside Towers has been relaunched with the same reserve value of $350 million using JLL acting as sole agent for marketing.

Lakeside Towers The property is an 99-year leasehold property that has 144 units within two 20-storey towers located at 9G as well as 9H Yuan Ching Road, next to Jurong Lake Gardens. The Property was put up to be sold earlier in the year, and an auction close in April. The site has attracted a variety of inquiries and an offer that was lower than the owners’ reserve value of $350 million.

Grand Dunman architect expressed his optimism about the high visitor numbers, saying, “The turnout has been very uplifting, and we anticipate robust sales.”

With their confidence in the sale that resulted and the confidence of their buyers, the Lakeside Towers Collective Sale committee initiated a second tendering process with similar reserve prices of $350 million in the words of Tan Hong Boon, executive director of JLL.

According to the new 2019 Master Plan, the 153,237 square feet site is designated residential with GPR of 2.1. (GPR) in the range of 2.1. However, the as-built gross floor area corresponds to an GPR 2.36. 2.36.

For the reserve value that is $350m, the unit land rate is approximately $1,244 per plot percentage (psf ppr) at the GPR base of 2.36 after adjusting for an estimated lease top-up fee without any land betterment fee.

If you take into account the bonus of 10% bonuses GFA is taken into account fully then the land rate would be around $1,198 psf per ppr. This includes of the lease top-up fee and the land betterment fee.

The site could be developed into a brand new 395-unit private condominium, according to JLL’s Tan. The property is directly connected to Jurong Lake Gardens, and it is only a ten minute walk to Jurong Lake and the Lakeside MRT Station. It is close to Jurong Point Shopping Centre and the Jurong East MRT interchange station.

The previous Lakeside Apartments next the Lakeside Towers was successfully sold in a single transaction to the well-established registered property developer Wing Tai Holdings in May 2022. $273.88 millions ($1,250 to $1,260 psf per ppr). Wing Tai intends to will start its new condominium development in the course of this year.

Park View Mansions is a 99-year leasehold condominium on Yuan Ching Road, is right next to Lakeside Apartments. The site was bought as a bloc in the amount of $260million ($1,023 psf per ppr) from a group consisting comprising Chip Eng Seng, SingHaiyi Group, KSH Holdings and Ho Lee Group in July 2022. The consortium is planning to develop the site into an exclusive condo of 440 units.

On June 22nd, URA launched the tender for the 6.8-ha master developer white site available for sale in order to start the process of development within the new 120-ha precinct. The site is located in the center of Jurong Lake District. It will offer premium homes as well as offices and recreation facilities within the newly green and car-lite neighborhood.

Lakeside Towers will benefit from the vast masterplan that is being developed by the government to transform the area into the second CBD JLL’s Tan. “Supported by the strong growth prospects, developers can confidently bid for this site to benefit from the rising demand for housing and investment opportunities in the area,” says JLL’s Tan.

This tender process for Lakeside Towers closes on Thursday the 10th of August.