Lakepoint condo in Jurong up for collective sale with S$640m reserve price

LAKEPOINT Condominium near Jurong Lake District, positioned as Singapore's second Central Business District, has been put up for collective sale via tender with a reserve price of S$640 million, its joint marketing agents SLP International Property Consultants and Strata AMC said on Tuesday.

The property is a five minute-walk from Lakeside MRT station, and is close to shopping malls such as JEM, Westgate, IMM and JCube. It is also near Jurong Innovation District, Jurong Mega Port and Jurong Industrial Park.

The 36-year-old development comprises 304 residential units, ranging from studio apartments to penthouses, and five shop units.

Developed by Jurong Town Corporation and completed in 1983, the 99-year leasehold site at Lakepoint Drive sits on a 52,238 square metres (sq m) site and has a plot ratio of 1.4.

According to the marketing agents, a pre-application feasibility study shows the site is able to support higher density development based on traffic impact studies. "Interested developers are thus encouraged to explore an intensification of plot ratio for redevelopment of the site," they said.

SLP and Strata AMC said that given its large land size, the property is likely to garner strong interest from established developers locally and overseas. They added that new homes have been in limited supply around the Jurong Lake District," they added in a media release.

The last land sale in the area was in March 2015 of a government land sale site in Jurong West Street 41. The condominium developed on the site, 710-unit Lake Grande, has since been fully sold, said the agents.

The public tender for Lakepoint Condominium will close on Sept 10, 3pm.