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Lakeside Towers up for public tender, with owners expecting S$305m for the development
REAL estate marketing agent Huttons Asia said that owners of Lakeside Towers have put up the 99-year leasehold project overlooking Jurong Lake Gardens for public tender and are expecting a price of S$305 million for the development.
"Based on the estimated differential premium and lease upgrading premium payments of S$57 million to intensify the land and for topping up to a fresh 99-year lease, this translates to a land rate of S$1,125 per sq ft per plot ratio (psf ppr)," Huttons said.
The site, which has a land area of 14,236.1 sq m or 153,237 s q ft, is zoned for residential use under the Urban Redevelopment Authority's 2014 Master Plan. With an allowable gross plot ratio of 2.1 times, the site can yield approximately 321,797 sq ft of gross floor area upon redevelopment.
Said Angela Lim, deputy head of investment sales at Huttons Asia: "The site offers an excellent redevelopment opportunity for developers, as it is strategically located within a high-growth area - Singapore's second Central Business District at Jurong Lake District."
The site is located close to several malls, including Jem and IMM, and is also near River Valley High School and Nanyang Technological University.
The tender for Lakeside Towers closes on May 28 at 2 pm.