Lakeside Apartments on collective sale for $240m

It will be put up through public tender from 22 to 25 March 2022.

Lakeside Apartments will be on collective sale with a reserve price of $240m through public tender on 22 March 2022, Singapore-based real estate agency, PropNex Realty, said.

PropNex Realty said the collective sale tender exercise will end at 2 p.m. on 25 May 2022.

The site also works out a land rate of $1,077 per square foot per plot ratio (psf ppr) including the lease top-up premium and development charge.

It has 120 residential units and has a 99-year leasehold land tenure that started in March 1977. According to the 2019 Urban Redevelopment Authority’s Master Plan, the site has a gross plot ratio of 2.1 and is zoned for residential use. 

The site can also be redeveloped into a 24-storey residential building with 307 condominium units, averaging 915 square foot each.

Located at 9E, 9F Yuan Ching Road, Lakeside Apartments is also near Singapore’s second central business district, Jurong Lake District, and the Jurong Innovation District, which will be an industrial hub for advanced manufacturing and cutting-edge research and innovation.

The property is also located near the Lakeside Mass Rapid Transit station  on the East-West Line as well as the Ng Teng Fong General Hospital and Jurong Community Hospital in Jurong East.

With the site’s connectivity to public transport and Jurong District’s ongoing transformation, Tracy Goh, head of investment and collective sales at PropNex, said there will be an increase of jobs in the area.

“With the ongoing transformation of Jurong, we will likely see more firms relocating there, driving a surge in job creation in the area. We anticipate that the project is poised to enjoy an upside in capital appreciation and rental yields in the future,” said Goh.