Wing Tai has won the en-bloc tender for the 99 years leasehold Lakeside Apartments site at 9E & 9F Yuan Ching Road for S$273,888,888. It represented a 14 per cent premium to the S$240 million reserve price.
Lakeside Apartments is located on the edge of the Jurong Lake Gardens, the site spans 12,465.4 square metres with a plot ratio of 2.1.
Lakeside Apartments comprises 120 residential units and has a 99-year leasehold land tenure commencing from March 1977. It was first put up for en-bloc sale in June 2018 but there were no takers for the S$240 million reserve price.
Wing Tai plans to redevelop the site into an iconic condominium of more than 300 units with unobstructed waterfront views of Jurong Lake as well as the lush greenery of the Jurong Lake, Chinese and Japanese Gardens.
The site is well-served by the Lakeside MRT station on the East-West Line, and easily accessible by major roads and Ayer Rajah Expressway (AYE) and the Pan Island Expressway (PIE). Its connectivity will be further enhanced with the completion of the Jurong East Integrated Transport Hub slated for completion in 2027, which will provide seamless connection between MRT stations (East-West and North-South Lines and future Jurong Region Line), bus interchanges as well as offices, public facilities, and retail spaces.
Moreover, the site is near to the heartland shopping malls such as Jurong Point, Jem, Westgate, IMM, JCube, as well as community healthcare facilities of Jurong Polyclinic and Ng Teng Fong Hospital.
Ms Tan Hwee Bin, Executive Director of Wing Tai Holdings, is confident that demand for this new project will be strong due to the limited supply of new residential developments in this location.
This collective sale is subject to approval by the Strata Titles Board (STB) and the land dealings approval unit (LDAU) of Singapore Land Authority.
The owners of Lakeside Apartment is expected to get approximately S$2 million from this en-bloc deal. According to Lakeside Apartments sale transactions, someone bought a 1,517 sqft unit for S$1.22 million in May last year so he will be subjected to the Seller Stamp Duty (SSD) penalty.