Lakepoint Condominium’s tender closes with no bids

It was relaunched for collective sale with a reserve price of $640m.

The collective sale tender for Lakepoint Condominium closed with no bids on 8 June, 2 p.m., PropNex Realty announced.

The 99-year leasehold development was relaunched for collective sale last 19 April for a reserve price of $640m.

Since Lakepoint Condominium did not attack bids, PropNex said it will enter into private treaty negotiations with parties interested in the property.

“Under laws governing collective sales, owners of the development may enter into a private treaty contract with a buyer within 10 weeks from the tender closing date,” the property agent said.

Lakepoint Condominium has a site area of 562,286 sq ft and is zoned for residential use, with a plot ratio of 1.4, under the URA Master Plan 2019. It comprises 304 residential units and five shop units.