Lakeside Apartments has joined the collective sale market with an asking price of $240 million two Tuesdays ago.
Massive 134,176 sq ft side in Jurong Lake district for sale
Should this sale be successful, the Jurong Lake District may be seeing even more action, even as the government executes their masterplan to develop the area into the second business district over the next few decades.
The 120-unit Lakeside Apartments site is not a small one, measuring 134,176 sq ft with a gross plot ratio of 2.1 With the $240 million asking price, each owner stands to receive at least $2 million in payouts should the sale push through. The development consists of 2 tower blocks with 15 storeys each. It is not a freehold property, and has 58 years left to their 99-year lease.
Unblocked Panoramic views could evolve into an iconic development
While the site needs an enhancement premium of $55.56 million to top up the remaining lease to 99 years and for the intensification of the land, it also has some pluses.
It has unblocked views of Jurong Lake and could potentially yield an iconic waterfront-lifestyle development. Condominiums nearby include Lake Life executive condominium, Lakeshore, Lakeville and Lakefront Residences. While they are all situated in the Jurong Lake District and share similar namesakes, only Lakeville has similar proximity to Jurong Lake in comparison to Lakeside Apartments.
The nearest MRT stations nearby are Lakeside MRT and Chinese garden MRT stations, though there are plans to develop a transport system within the district for easier commutes.