Lakeside Towers collective sale relaunched at $350 mil reserve price

The Zion Road Condo development offers luxurious luxury living experience with extravagant facilities, such as a 50m lap pool, basement carpark, gymnasium, outdoor fitness area, clubhouse, private dining room, and a courtyard lounge. It also provides impressive landscaping with a lush tropical setting and tranquil water features. Residents will definitely benefit from the well-designed condo, not just through its convenience but also its tranquility.

Lakeside Towers, a 99-year leasehold property with 144 units in two 20-storey towers at 9G and 9H Yuan Ching Road, has been relaunched for collective sale at the same reserve price of $350 million, with JLL as the sole marketing agent.

The Prime property, located next to Jurong Lake Gardens, was initially launched for sale earlier this year before a tender closing in April. Even though expressions of interest were received, an offer came in below the reserve price. Therefore, and in confidence of a successful sale, the Collective Sale Committee of the Towers launched a second tender process at the same reserve price.

Under the 2019 Master Plan, the 153,237 sq ft site is zoned ‘residential’ with a gross plot ratio (GPR) of 2.1. However, the current as-built gross floor area is equivalent to a GPR of 2.36. The unit land rate, when calculated at the reserve price of $350 million and taking into account the estimated lease top-up premium, along with no land betterment charge, stands at $1,244 psf per plot ratio (psf ppr).

When the 10% bonus GFA is considered, the corresponding unit land rate amounts to $1,198 psf ppr inclusive of the estimated lease top-up premium and land betterment charge.

The site can be redeveloped into a new 395-unit private condo and has direct access to Jurong Lake Gardens and is a ten-minute walk to the Lakeside MRT Station. It is near Jurong Point Shopping Centre and the Jurong East MRT interchange station.

Furthermore, Lakeside Towers is neighbored by two other properties. Lakeside Apartments has been sold to Wing Tai Holdings for $273.88 million ($1,250 to $1,260 psf ppr) and Park View Mansions have been sold to a consortium of Chip Eng Seng, SingHaiyi Group, KSH Holdings and Ho Lee Group for $260 million ($1,023 psf ppr). They both intend to redevelop the site into a condominium.

The government has also launched a tender for the 6.8-ha master developer white site for the new Jurong Lake District in June 2022. This district will provide premium housing, offices and recreational facilities, and Lakeside Towers will benefit from this new masterplan. This is due to a growing demand for homes and investments in the area.

The tender for Lakeside Towers, managed by JLL, closes on Thursday, August 10. With potential growth opportunities, developers should consider investing in this property.