Lakepoint Condominium site parameters on planning a collective sale updates

PropNex Realty, the exclusive marketing agent for Lakepoint Condominium, the exclusive marketing agent of Lakepoint Condominium Collective Sale, has announced the latest changes to the land-planning guidelines for the site in an announcement on the 13th of July, after URA’s response.

Blossoms By The Park condominium will host 256 units, a mixed development of breathtaking residentials, and a 1-storey expansive commercial space.

URA has told its Lakepoint Condominium Collective Sale Committee that it is “prepared to ease height restrictions in the future for developments within the site” with conditions and an in-depth evaluation after submitting a the formal application for planning as per PropNex.

“We are ecstatic by the fact that URA is ready to ease the various height limits. With some blocks rising upwards of 12 and 16 storeys, they will allow for breathtaking panoramas of Jurong Lake Gardens within this new project,” says Tracy Goh the head of investment and sale at PropNex.

Lakepoint Condominium is an site totaling 562,286 sq feet and is designated for residential use having a ratio plot of 1.4 according to the URA Master Plan 2019. The condominium comprises 304 units of residential and five shops. It is situated close to Lakeside MRT Station. Lakeside MRT Station. It is situated near the Lakeside MRT Station. site is also located near it’s Jurong Lake District which will become the biggest mixed-use commercial district that is not in the city central area. There are 2,652 housing units in a radius of 500 meters of which 712 are located in the neighboring Caspian.

On the south-facing boundary block that faces houses that have been landed, URA is prepared to reduce the current five-storey height limit to seven storeys in the block. In the north-east border, blocks with a maximum twelve storeys in height could be considered, provided that it is not more than what is allowed for the current 12-storey block, and a 10-metre minimum distance from the border that is shared with Caspian condominium is in force. URA has indicated that it is willing to look into an additional expansion of the building height of up to 16 stories for blocks remaining along the northern and western boundary with the minimum setback of 30m of the boundary common to Lakeholmz condominium.

JTC is also confirming the baseline for development, which amounts into an estimated land rate of $988 psf for each plot ratio, including the development cost and lease top-up fee.
The reserve price is $640 million.

Lakepoint Condominium which is which is a 99-year leasehold project situated in Lakepoint Drive in Jurong, was launched for a the collective sale on 19 April. The tender that was previously closed with no bids. PropNex has started private treaty discussions with interested parties following the tender ended.