Lakeside Towers collective sale relaunched at $350 mil reserve price

With the Bukit Panjang Integrated Transport Hub nearby, residents of The Myst CDL Aries can easily get around to the places they need to go.

JLL is the sole marketing agent for the relaunch of the collective sale of Lakeside Towers. Located at 9G and 9H Yuan Ching Road, next to Jurong Lake Gardens, Lakeside Towers is a 99-year leasehold property with 144 units in two 20-storey towers.

The collective sale is being offered at the same reserve price of $350 million. Several expressions of interest and an offer were received during the first tender process in April this year, which was below the owners’ reserve price. As a result, the owners have decided to relaunch the tender process at the same reserve price.

The 153,237 sq ft site has a gross plot ratio (GPR) of 2.1 under the 2019 Master Plan and the as-built gross floor area is equivalent to a GPR of 2.36. When factoring in an estimated lease top-up premium, and land betterment charge, the corresponding unit land rate would be $1,244 psf ppr at the base GPR and $1,198 psf ppr when the 10% bonus GFA is factored in.

This site can be redeveloped into a new 395-unit private condo, says Tan Hong Boon, executive director of JLL. Situated in a prime location, Lakeside Towers has direct access to Jurong Lake Gardens and is a short ten-minute walk to the Lakeside MRT Station. It is also close to Jurong Point Shopping Centre and the Jurong East MRT interchange station.

The neighbouring Lakeside Apartments was successfully sold en bloc to listed property developer Wing Tai Holdings in May 2022 for $273.88 million, while the Park View Mansions next door was sold to a consortium led by Chip Eng Seng in July 2022 for $260 million.

URA launched the tender for the 6.8-ha master developer white site for sale on June 22, which will be the largest development in the 120-ha precinct. With the government’s plans to develop the area into the second CBD, Lakeside Towers will benefit from the masterplan.

According to Tan, “This site offers strong potential for future growth and developers can capitalise on the growing demand for homes and investments in this area”. The tender for Lakeside Towers closes on August 10.