Updates to planning parameters on Lakepoint Condominium collective sale site
JTC has likewise confirmed the development baseline, which equates to an estimated land price of $988 psf per plot ratio, inclusive of the property cost as well as lease top-up premium.
The reserve cost continues to be at $640 million.
Lakepoint Condo has a site area of 562,286 sq ft and also is zoned for domestic usage, with a plot ratio of 1.4, under the URA Master Plan 2019. The property makes up 304 property systems as well as five store devices. It rises within walking distance of the Lakeside MRT Station. The site is additionally near the Jurong Lake Area, which will be the biggest mixed-use business district outside the city centre. There are a total amount of 2,652 property units within a 500m radius, of which 712 units are from the neighbouring Caspian.
PropNex Real estate, the special marketing representative of the Lakepoint Residence cumulative sale, has actually introduced updates to the land preparation specifications of the site in an announcement on July 13, adhering to URA’s reply.
Lakepoint Residence, a 99-year leasehold development situated on Lakepoint Drive in Jurong, was relaunched for collective sale on April 19. The earlier tender closed without quotes, and PropNex has participated in personal treaty talks with engaged parties after the tender shut.
URA has actually stated to the Lakepoint Condo Collective Sale Board that it is “prepared to relieve height controls for future properties on the location”, based on problems and also in-depth assessment upon formal planning application, according to PropNex.
Along the southerly border block encountering landed homes, URA is prepared to relax the existing five-storey level control to seven-storey for the blocks. For the north-east border, blocks up to a height of 12 floors could be supported, ensured it does not exceed the elevation of the existing 12-storey block as well as a minimum obstacle of 10m from the typical limit with Caspian condo is imposed. URA has actually mentioned it is prepared to take into consideration additional relaxation of the building elevation of as much as 16 storeys for the continuing to be blocks along the north/north-west boundary, subject to a minimal 30m trouble from the typical boundary with Lakeholmz residence.
“We are heartened that the URA is prepared to kick back the varying height controls. With several of the blocks going as high as 12 and also 16 floors, this will record sensational views of the Jurong Lake Gardens in the brand-new development,” says Tracy Goh, head of financial investment and collective sales at PropNex.
The current tender will close on July 22 at 2pm.