Wing Tai bags Lakeside Apartments for S$273.9m, above reserve price

by Albert02

Wing Tai bags Lakeside Apartments for S$273.9m, above reserve price

Wing Tai bags Lakeside Apartments for S$273.9m, above reserve price. 

Winville Investment, a wholly-owned subsidiary of Wing Tai Holdings: W05 0%, has won the tender for the collective purchase of Lakeside Apartments at S$273.9 million, a 14.1 percent premium over the reserve price of S$240 million.

In a press release issued on Thursday (May 26), the group stated that it intends to redevelop the site into a “iconic” residential development with over 300 units and unobstructed waterfront views of Jurong Lake and its surroundings.

The Strata Titles Board and the Singapore Land Authority’s land dealings approval unit must both approve this.

Wing Tai does not anticipate that its most recent acquisition will have a material impact on its net asset value.

Wing Tai’s executive director Tan Hwee Bin expressed confidence in the new project’s demand, citing a limited supply of new residential developments in the area.

Wing Tai expects the Jurong Lake District (JLD), where plans to develop an integrated tourism attraction are currently underway, to be transformed into a key commercial and lifestyle hub of Singapore upon its completion in 2028.

“We are thrilled to be a part of the Jurong Lake District transformation and look forward to building an iconic development that meets the modern lifestyle needs of homebuyers,” Tan said.

The property, located at 9E and 9F Yuan Ching Road, is 12,465.4 square metres (sq m) in size and has a plot ratio of 2.1. It is zoned residential.

Lakeside Apartments was built in March 1977 and has a 99-year leasehold land tenure.

The property was first listed for en bloc sale in June 2018, but no bids were received, prompting speculation that the S$240 million reserve price could be reduced to S$205 million in 2019.

PropNex Realty recently relaunched it for collective sale in March 2022 at the original S$240 million reserve price, equating to a land rate of S$1,077 per square foot per plot ratio (psf ppr), including a lease top-up premium and development charge.

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