Jurong condo Lakeside Towers in third bid at collective sale for S$350 million
The site, housing 144 units, can potentially be redeveloped into about 395 apartments
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[SINGAPORE] Owners at Jurong condominium Lakeside Towers have put it on the market with a reserve price of S$350 million, in a third attempt at a collective sale.
Completed in 1981, the 45-year-old development was previously marketed in 2018 and 2023.
The 144-unit, 99-year leasehold development occupies a 14,236.1 square metre (sq m) site next to Jurong Lake Gardens in the Jurong Lake District, where a major new business district is being planned.
The site could potentially be redeveloped into up to 395 apartments, said marketing agent JLL.
The reserve price translates to a land rate of about S$1,277 per square foot per plot ratio (psf ppr), based on the base gross plot ratio of about 2.36, after accounting for an estimated lease top-up premium and assuming no land betterment charge.
Including bonus gross floor area for balconies, and an estimated land betterment charge, the rate works out to about S$1,225 psf ppr, said JLL.
Lakeside Towers comprises two 20-storey residential blocks at 9G and 9H Yuan Ching Road, and has about 190 metres of unobstructed frontage along Jurong Lake Gardens.
Potential for bigger project
Assuming a minimum average unit size of 85 sq m, the site could yield up to 395 apartments.
Under the 2025 Master Plan, the site is zoned residential with a base gross plot ratio of 2.1. However, the Urban Redevelopment Authority has verified the site’s existing gross floor area at a higher plot ratio of about 2.36, giving it some room for a bigger development.
Nicholas Ng, head of land and collective sales at JLL Singapore, said the site’s lakefront setting and location within the Jurong Lake District set it apart from other redevelopment opportunities.
He added that there are currently no other residential redevelopment sites located next to Jurong Lake Gardens, with the site’s unobstructed lake frontage expected to appeal to both homebuyers and investors.
Ng also pointed to the site’s proximity to employment nodes such as the International Business Park, Jurong industrial estates and the upcoming mega Tuas Port, which could support rental demand for private housing in the area.
Continued infrastructure investment and transport improvements in the Jurong Lake District are also expected to underpin longer-term value appreciation.
The future Cross Island Line station at Jalan Terusan, beside Jurong Lake Gardens, is expected to improve connectivity to employment hubs, including Punggol Digital District and Changi Business Park, when the line becomes operational in the late 2030s.
The existing Lakeside MRT station is about a 10-minute walk from the site.
The tender for Lakeside Towers closes on Oct 1.
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