Lakeside Tower, a lakefront residential site next to Jurong Lake Gardens, launched for tender
Potential for a high-rise residential development with direct access and unblocked view of Jurong Lake Gardens
SINGAPORE, 9 February 2023 – JLL today announced its appointment as sole marketing agent of Lakeside Tower, a collective sale site along Yuan Ching Road, that has just been launched for sale by tender.
Completed in 1981, the 99-year leasehold Lakeside Tower comprises 144 units in two 16-storey blocks prominently located along Yuan Ching Road and next to the scenic Jurong Lake Gardens. A new residential development on this strategically located site would provide its residents with direct lakefront access and panoramic views of the lakes and gardens.
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 (“GFA”), which has been duly verified with the competent authority, is equivalent to a GPR of 2.35953. Based on the minimum average size control of 85 sqm, the site may accommodate up to 395 apartments.
The Property is located on the fringe of Jurong Lake District location, which will be the second central business district (“CBD”) the Urban Redevelopment Authority is focusing on establishing, Lakeside Tower enjoys the tranquility of a lakefront environment prized for a private residential development yet easily accessible to all the hustle and bustle of the retail, food and beverages, healthcare, leisure and active lifestyle amenities and infrastructure of a multi-functional hub.
Jurong Gateway, an enlarged new centre including the Jurong East MRT Interchange and the surrounding commercial and mixed-use buildings slated to be the commercial hub of the second CBD, is within a short three minutes’ drive away from Lakeside Tower.
Residents from the Lakeside Tower can take a ten-minute walk to Lakeside MRT Station, which is just one stop from Jurong Point, one of the largest shopping malls in Singapore, and two stops away from the Jurong East MRT Interchange (future Integrated Transport Hub), connecting one easily to multitude of amenities and facilities and the rest of the island. This also holds true for the driving population with its easy accessibility to two major expressways, the PIE and the AYE.
With Singapore’s third National Garden at Jurong Lake located just a step out from the development, residents will be able to enjoy the array of community spaces and activities amidst greenery and nature. From canoeing to taking a leisure jog at the garden, there are aplenty of activities to keep the residents engaged. There are also numerous sports and recreational centres namely Jurong East Sports Centre, SuperBowl Jurong, SAFRA Jurong and ActiveSG sports village @ Jurong Town that residents can enjoy.
Established shopping amenities, popular eateries and hip cafes are readily accessible within the precinct. Jurong Leisure Complex, JEM, Westgate, IMM are all in close proximity of Lakeside Tower. The favorite Taman Jurong Food Centre which houses plenty of hawker delights are also in proximity. With STB’s long-term plans of building an integrated development at Jurong Lake District more retail offerings are slated to be available soon.
For families with young children, there are many schools nearby, with the Lakeside Primary School within 1 km from the site and others within 2km include Rulang Primary School, Fuhua Primary School, Jurong Primary School, Shuqun Primary School, Yuhua Primary School and Boon Lay Garden Primary School. The Canadian International School is also a short drive away along the major thoroughfare Boon Lay Way.
“Lakeside Tower, with its direct access and unblocked view of Jurong Lake Gardens, will provide its future residents a unique living and active lifestyle extending to the Jurong Lake Gardens as your own backyard that is difficult to replicate elsewhere on the island. It is also close to many malls and amenities in the vicinity which residents can immediately enjoy. Residents will also benefit from the upcoming extensive second CBD and the tourism plans for this cluster in the years to come. We expect such excellent attributes of the site to appeal to a diverse range of buyers,” says Mr. Tan Hong Boon, Executive Director at JLL.
“Being in the second CBD and the existing employment centres such as International Business Park, the existing Jurong industrial estates, the mega Tuas Port, potential rental demand for private housings is on course to increase strongly, leading to investment demand for private housings in this area,” he added.
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 2.35953 after factoring in an estimated lease top-up premium with no land betterment charge. If the 10% bonus GFA is factored in, the corresponding unit land rate will be at about $1,196 psf/pr inclusive of a lease top-up premium and a land betterment charge.
The tender for Lakeside Tower closes on Wednesday, 12 April 2023 at 3.00 p.m.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.