Lakeside Towers situated along 9G Yuan Ching Road in Singapore’s District 22 has been put up for collective sale.
In the public tender that closes on May 28, 2018, the property owners are asking for a minimum S$305 million.
This information was disclosed by Huttons Asia, the appointed marketing agent, who also noted the property is on a 99-yr lease.
The site on which Lakeside Towers sits is 153,237 sq ft in size, and according to the 2014 Master Plan, it has been zoned residential.
Its gross plot ratio is 2.1, and hence it can produce 321,797.7 sq ft gross floor area (GFA).
Since the new developer will be required to spend an extra amount totalling S$57 million for lease top up, the land rate is expected to be S$1,125 psf ppr.
According to Angela Lim, who is Huttons Asia’s deputy head of investment sales, the site is in the country’s second Central Business District, which is a strategic location in Jurong Lake District with accelerated growth.
The Area Has Great Connectivity
Getting in and out of the Lakeside Towers property is easy and convenient because there are three active MRT stations within less than a 2km distance.
One of the MRTs is EW26 Lakeside, which is just 0.9km away, another is EW25 Chinese Garden that is 0.96km away, and the other is EW24 Jurong East, which is 1.86km away.
There are several educational institutions easily accessible from Lakeside Towers. They include Yuan Ching Secondary School, Lakeside Primary School and Jurong Secondary School, all within a kilometer distance, as well as River Valley High School.
Nanyang Technological University is also close by. Residents also enjoy services from several nearby shopping facilities, including Jem and IMM, Taman Jurong Shopping Centre and others.