Lakepoint Condominium up for collective sale at $640m, Latest Business News - The New Paper

Lakepoint Condominium up for collective sale at $640m

This article is more than 12 months old

Lakepoint Condominium, near the Jurong Lake District, is up for collective sale with a reserve price of $640 million.

The 36-year-old property of 304 home units and five shops is a five-minute walk from Lakeside MRT station and close to malls such as Jem, Westgate, IMM and JCube.

It is also near the Jurong Innovation District and Jurong Industrial Park, and in an area positioned as a second Central Business District.

The 99-year leasehold estate in Lakepoint Drive was developed by the then Jurong Town Corporation and completed in 1983. It sits on a 52,238 sq m site and has a plot ratio of 1.4.

Marketing agents SLP International Property Consultants and Strata AMC said yesterday that a pre-application feasibility study shows the site can support higher density development based on traffic impact studies.

They added that the large land size means the property is likely to garner strong interest from developers locally and overseas.

The last land sale in the area was in March 2015 when a government site in Jurong West Street 41 was transacted.

The condo built on the plot, the 710-unit Lake Grande, has since been fully sold, said the agents.

The public tender will close at 3pm on Sept 10. - THE STRAITS TIMES