JLL relaunches Lakeside Towers collective sale tender
Unique lakefront residential site with direct access to Jurong Lake Garden provides high-rise development potential.
SINGAPORE, 30 JUNE 2023 – JLL (NYSE:JLL), acting as sole marketing agent, today announced the relaunch of the collective sale by tender of Lakeside Towers at 9G and 9H, Yuan Ching Road (the “Property”). Based on healthy residential market conditions and the owners’ confidence in a resulting sale, the Lakeside Towers Collective Sale Committee decided to launch a second tender process at a reserve price of $350 million.
Lakeside Towers is a 99-year leasehold property with 144 units in two 20-storey towers next to Jurong Lake Gardens. The Property was launched for sale earlier this year, with a tender closing in April, attracting several expressions of interest and an offer below the owners’ reserve price of $350 million.
Under the 2019 Master Plan, the 14,236.1 sqm site is zoned ‘Residential’ with a gross plot ratio (GPR) of 2.1. However, the current as-built gross floor area, verified with the appropriate authorities, is equivalent to a GPR of 2.36. The Property is a ten-minute walk to the Lakeside MRT Station, while also connected to the Jurong Point Shopping Centre and the Jurong East MRT interchange station.
Lakeside Towers’ position on the fringe of Jurong Lake District (JLD), slated to be the second Singapore central business district by the Urban Redevelopment Authority (URA), offers the tranquility of a lakefront environment coupled with the vast potential for private residential development. Earlier in June, the URA unveiled the upcoming release of a 6.8-ha white “Master Developer” site for sale to kickstart the development in the new 120-ha precinct. The URA site release will seamlessly expand from the centre of the JLD – the Jurong Gateway area - providing high quality offices, housing and lakefront attractions within this new, green and car-lite district.
Concurrently, the property’s easy accessibility to a variety of retail, food and beverage, healthcare, leisure, and active lifestyle amenities, provides an extra layer of attractiveness to prospective buyers. For residents of the Lakeside Towers site, Singapore’s third National Garden at Jurong Lake is in proximity to the Property, as is the Jurong East Sports Centre, SuperBowl Jurong, SAFRA Jurong and ActiveSG Sports Village @ Jurong Town. Established shopping amenities and eateries including the Jurong Leisure District, JEM, Westgate, IMM and the Taman Jurong Food Centre are all close to Lakeside Towers.
For families with young children, the Lakeside and Shuqun Primary Schools are within 1km of the Property. The Rulang, Fuhua, Jurong, Yuhua and Boon Lay Garden Primary Schools and the Canadian International School are also in close proximity to Lakeside Towers.
“Lakeside Towers will appeal to a diverse range of buyers when considered through the lens of its unique direct access to the Jurong Lake Gardens and the government’s extensive masterplan to develop this locale into the second CBD, Supported by strong future growth potential, developers can confidently bid for this rare site to capitalise on the growing demand for homes and investments in this area,” says Mr. Tan Hong Boon, Executive Director at JLL.
At the reserve price of $350 million, the corresponding unit land rate reflects about $1,244 per sq ft per plot ratio (psf/pr) at the base GPR about 2.36 after factoring in an estimated lease top-up premium with no land betterment charge. When the 10% bonus GFA is factored in fully, the corresponding unit land rate will be at about $1,198 psf/pr inclusive of the estimated lease top-up premium and land betterment charge.
The tender for Lakeside Towers closes on Thursday, 10 August 2023 at 3.00 p.m.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.