The Lakegarden Residences takes the place of the former Lakeside Apartments, which was sold enbloc at $273.89 million, 14 per cent above its $240 million reserve price, on 26 May 2022.
The 120-unit, 99-year leasehold project located near Jurong Lake Gardens and the Jurong Lake District was sold to Winville Investment, a subsidiary of Singapore-listed Wing Tai Holdings.
With a gross plot ratio of 2.1, the site has the potential to be redeveloped into a 24-storey residential building with 307 condominium units, averaging 915 sq ft each.
The Lakegarden Residences showflat is located opposite Chinese Garden MRT, along Boon Lay Way.
Showflat Visits are by appointment, call 61008108 to book an appt before heading over.
Within the Jurong area, extending westwards till Yuan Ching Road, there are a number of upcoming developments :
An aerial image of the current Lakeside Apartments, to be redeveloped as The Lakegarden Residences.
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Aerial view of Lakeside Apartments, located beside Park View Mansions, which also sold enbloc.
Lakeside Apartments Historical Price Trend
26 May 2022
Lakeside Apartments at 9E and 9F Yuan Ching Road has hit the collective sale jackpot of $273.89 million, 14 per cent above its $240 million reserve price, on its second attempt.
The 120-unit, 99-year leasehold project located near Jurong Lake Gardens and the Jurong Lake District was sold to Winville Investment, a subsidiary of Singapore-listed Wing Tai Holdings.
The developer plans to turn the 12,465.4 sq m (134,177 sq ft) site into a more than 300-unit residential development with views of Jurong Lake Gardens, Chinese Garden and Japanese Garden.
Owners of the three-bedroom units at the existing condo stand to get about $2.28 million each, marketing agent PropNex Realty told The Straits Times on Thursday (May 26).
But PropNex was unable to disclose what the $273.89 million price translated to in terms of land rate, as well as the number of bids placed in the tender, which closed on May 25.
The $240 million reserve price had worked out to a land rate of $1,077 per sq ft per plot ratio, including a lease top-up premium and development charge. The site has about 45 years left on its tenure.
21 Mar 2022
Lakeside Apartments at Yuan Ching Road will be put up for collective sale again on Tuesday (March 22) at a reserve price of $240 million, marketing agent PropNex Realty said on Monday.
The asking price is the same as the development's 2019 collective sale price, although the collective sales committee had proposed cutting the property's reserve price to $205 million from $240 million at the time.
The reserve price works out to a land rate of $1,077 per square foot per plot ratio, including a lease top-up premium and development charge.
Located near Jurong Lake Gardens and the Jurong Lake District, Lakeside Apartments comprises 120 residential units and has a 99-year leasehold land tenure commencing from March 1977.
It sits on a site spanning about 134,177 sq ft zoned for residential use. With a gross plot ratio of 2.1, the plot has the potential to be redeveloped into a 24-storey residential building with 307 condominium units, averaging 915 sq ft each, PropNex said.
30 Jan 2019
Meanwhile, the 99-year leasehold Lakeside Apartments in Yuan Ching Road relaunches for collective sale by public tender today, with its reserve price possibly being lowered to $205 million from $240 million.
The effort to garner fresh 80 per cent support from owners is still ongoing, with the current support level at 70 per cent, said marketing agent SLP International.
With the new reserve price, the land rate would be about $939 psf ppr after taking into account the lease extension premium, differential premium, possible bonus balcony and the 5 per cent additional buyer's stamp duty introduced last July.
The land size is 12,465 sq m and there are 120 units with the same built-in size. The tender will close on Feb 27 at 3pm.
14 Jun 2018
Lakeside Apartments is now on the market with a reserve price of $240 million - the latest to wade into the wave of collective sales here.
More than 80 per cent of owners at the 134,176 sq ft site in the Jurong Lake District area have agreed to sell and the tender was launched on Tuesday.
This means each of the owners at the 120-unit development stands to pocket $2 million.
The site in Yuan Ching Road is zoned residential with a plot ratio of 2.1. It comprises two tower blocks of 15 storeys, and has 58 years left on its 99-year lease.
Developers will have to also cough up an enhancement premium of $55.56 million for both the lease top-up and the intensification of land use from the current baseline of 24,721 sq m, or an equivalent gross plot ratio of 1.98.
25 May 2018
Meanwhile, Lakeside Apartments has also joined the collective-sale fray with a reserve price of $240 million, which translates to around $1,057 psf ppr after adding the estimated $58 million lease top-up quantum and development charge.
The estimated lease top-up and development charges are subject to confirmation, said marketing agent SLP International.
The agent added that the public tender would likely begin in early June, with the tentative closing date set for July 17.
Lakeside Apartments, located in Yuan Ching Road in the Jurong Lake District, has a land area of 134,176 sq ft and consists of 120 units in two towers.