Lakeside Towers Relaunches En Bloc Sale in 2023

Lakeside Towers’ owners are attempting another en bloc sale with an unaltered reserve price of S$350 million, two months after the previous tender was unsuccessful.

The collective sale committee moved to conduct a second tender, citing “healthy residential market conditions and the owners’ confidence in a resulting sale,” according to sole marketing agent JLL.

The two 20-storey blocks with 144 units in the 99-year leasehold development close to Jurong Lake Gardens were finished in 1981.

The site is 14,236.1 square meters in size and has a gross plot ratio (GPR) of 2.1, according to the 2019 Master Plan. It is zoned for residential development.

According to JLL, the existing gross floor area (GFA) is equivalent to a GPR of roughly 2.36 and has been verified with the relevant authorities.

After accounting for an estimated lease top-up premium with no land betterment charge, this translates to a land rate of about S$1,244 psf ppr.

The anticipated unit land rate is about S$1,198 psf ppr once the 10% bonus GFA has been taken into account.

Lakeside Primary and Shuqun Primary School are both within 1km of the enbloc site, which is situated at 9G and 9H Yuan Ching Road.

Additionally, it is close to Jurong Lake area, which will be Singapore’s second central business area when completed. The Singapore government wants to expand the neighborhood’s services, companies, and housing stock.

The public tender for the Lakeside Towers site closes at 3 p.m. on August 10.